The oil minister expects to add new quantities of "hydrocarbon" wealth to Iraq’s reserves

[Synopsis]

30 minutes ago, 10 YEARS LATER said:

 

I think your connect the dots is right on. These monkeys just take forever they way inch forwards. They’re getting closer....interesting how dramatic stuff concerning corruption surfaces with increasing regularity just recently. 

 

 

 !!!10 YEARS LATER!!! 

 

Thank You Kind SIR!!! 

 

Go Moola Nova!

[yota691]

 

Deputy: a waste of $ 130 million annually in the contract of the Arab Petroleum Transport Company

 

13:50

Last updated

01:59 PM

279

Watch

 

 

BAGHDAD (Reuters) - 

A member of the parliamentary energy committee, Jamal al-Mohamadawi, revealed on Sunday a new financial waste in the Arab Petroleum Company's contract worth 130 million dollars a year. 

"The information and documents we have obtained confirm that the oil tanker company has caused a loss and waste of public money amounting to $ 11 million per month ($ 130 million annually)," Al-Mohamadawi said in a statement received by Al-Ghad Press. The price of the exported fuel oil product (black oil) amounted to (28 $ per ton) and quantity (400 thousand tons per month), which is sold exclusively to the Arab Petroleum Transmission Company without a competitor and as of (1/7/2017) through the partnership between the company and Tankers ".

He added that "this loss ($ 11 million per month) was a result of a change in the contract of sale of black oil to the Arab company compared to contracts that were concluded by the company carriers with other companies to sell this product before the date (1/7/2017) Per ton) for the Arab Company entitled Storage and unloading fees, while this discount was not granted in previous contracts and a change in the formula for calculating the price of fuel oil exported in the contract of the Arab company compared to the previous contracts led to a reduction in the price of selling one ton of fuel oil ($ 15) As follows, the formula used by the oil tanker company in the decades preceding the company contract (Monthly price of oil per month) = monthly price of oil per month = monthly rate of bunker (2 2) and monthly average of fuel oil and bunker for three months (October, November, December 2018) 2 2 = 435 dollars per ton. "

He added that "the Ministry of Oil changed the contract of the Arab company to calculate the price of sales to be in the following manner: the price of tons of fuel oil Source = monthly rate of fuel oil price and the adoption of monthly fuel oil for three months (October, November, December 2018) : ($ 420) only, a reduction of ($ 15 per tonne). " 

"Based on this, we have asked a parliamentary question to the Ministry of Oil to ask about the identification of the responsible party for this waste of public money (130 million dollars annually), which allowed to change and modify the formula of calculating the sale price of black oil source and give discounts in the contract of sale of the Arab company and (1/7/2017) compared to previous sales contracts. "

"We also requested to supply us with copies of the contracts for the sale of black oil before July 1, 2017, as well as copies of the contract to sell black oil to the Arab company and provide us with all the invoices selling black oil for the contracts of companies for a period of six months preceding the contract of the Arab company with sales invoices For the Arab company from the beginning of the decade until its date. "

[Butifldrm]

Revealing new financial waste in an oil contract

 

 Twilight News    

 2 hours ago

A member of the parliamentary energy committee, Jamal al-Muhammadawi, revealed a new financial waste in the contract of the Arab Petroleum Transport Company, worth 130 million dollars annually.

"The information and documents we have obtained confirm that the oil tanker company caused a loss and waste of public money of $ 11 million per month ($ 130 million per year) for reductions and discounts on the price of the exported fuel oil product (Black oil) amounted to (28 dollars per ton) and the amount (400 thousand tons per month), which is sold exclusively to the Arab Petroleum Transmission Company without a competitor and from 1/7/2017) through the partnership between the company and the company carriers.

He added that this loss (11 million dollars per month) was the result of a change in the contract of sale of black oil to the Arab company compared to contracts that were concluded by the tanker company with other companies to sell this product before the date (1/7/2017)

A discount of $ 13 per ton was given to Al-Arabiya Company under the title of storage and unloading fees, whereas this discount was not granted in previous contracts and a change in the formula for calculating the price of fuel oil issued in the Arab company contract compared to previous contracts led to a reduction in the sale price of one ton of fuel oil  $ 15). The formula used by the oil tanker company in the contracts preceding Al-Arabiya contract is the price per ton (monthly rate of oil price for black + the monthly rate of bunker price) 2 2, and the monthly rate of fuel oil and bunker For three months (October, November, December 2018) the price is (420) +450) 2 2 = $ 435 per ton.

Al-Mahmoudawi said that the Ministry of Oil has changed the contract of the Arab company to calculate the sale price to be the following way:

The price per ton of fuel oil Source = Monthly rate of fuel oil price According to the monthly average of fuel oil for three months (October, November, December 2018), the price: (420 dollars) only, a reduction of (15 dollars per ton)

Al-Mohamadawi pointed out that this is the basis for a parliamentary question to the Ministry of Oil to include the question of who is responsible for this waste of public money (130 million dollars annually), which allowed the change and adjustment of the formula for calculating the sale price of black oil. (1/7/2017) compared to the sales contracts that preceded this date.

"We also requested to supply us with copies of contracts for the sale of black oil before July 1, 2017, as well as copies of the contract for the sale of black oil to the Arab company and provide us with all invoices selling black oil for the contracts of companies for a period of six months preceding the contract of the Arab company with sales invoices For the Arab company from the beginning of the decade until its date. "

Keywords: 

http://www.shafaaq.com/ar/Ar_NewsReader/7a200fe2-3d85-48e9-a642-f9221142fd5a

[10 YEARS LATER]

 . . . and I'd become used to the " old financial waste " - I'm young, I'll adjust  

[yota691]

Detection of new financial waste in an oil contract

 

energy Economy News _ Baghdad A member of the parliamentary energy committee, Jamal Mohammedawi, revealed a new financial waste in the contract of the Arab Petroleum Transport Company worth 130 million dollars annually. "The information and documents we have obtained confirm that the oil tanker company caused a loss and waste of public money amounting to $ 11 million per month ($ 130 million per year) for reductions and discounts in the price of a product," Al-Mahmoudawi said in a statement received by Al-Iktissad News. The fuel oil source (black oil) amounted to (28 dollars per ton) and the amount (400 thousand tons per month), which is sold exclusively to the Arab Petroleum Transport Company without a competitor and from 1/7/2017 through the partnership between the company and the tanker company " . He added that this loss (11 million dollars per month) was the result of a change in the contract of sale of black oil to the Arab company compared to contracts that were concluded by the tanker company with other companies to sell this product before the date (1/7/2017) A discount of $ 13 per ton was given to Al-Arabiya Company under the title of storage and unloading fees, whereas this discount was not granted in previous contracts and a change in the formula for calculating the price of fuel oil issued in the Arab company contract compared to previous contracts led to a reduction in the sale price of one ton of fuel oil $ 15). The formula used by the oil tanker company in the contracts preceding Al-Arabiya contract is the price per ton (monthly rate of oil price for black + the monthly rate of bunker price) 2 2, and the monthly rate of fuel oil and bunker For three months (October, November, December 2018) the price is (420) +450) 2 2 = $ 435 per ton. Al-Mahmoudawi said that the Ministry of Oil has changed the contract of the Arab company to calculate the sale price to be the following way: The price per ton of fuel oil Source = Monthly rate of fuel oil price According to the monthly average of fuel oil for three months (October, November, December 2018), the price: (420 dollars) only, a reduction of (15 dollars per ton) Al-Mohamadawi pointed out that this is the basis for a parliamentary question to the Ministry of Oil to include the question of who is responsible for this waste of public money (130 million dollars annually), which allowed the change and adjustment of the formula for calculating the sale price of black oil. (1/7/2017) compared to the sales contracts that preceded this date. "We also requested to supply us with copies of contracts for the sale of black oil before July 1, 2017, as well as copies of the contract for the sale of black oil to the Arab company and provide us with all invoices selling black oil for the contracts of companies for a period of six months preceding the contract of the Arab company with sales invoices For the Arab company from the beginning of the decade until its date. " Views 147   Date Added 27/01/2019

[yota691]

Iraq ranks fifth in oil reserves for 2019

 

energy Economy News _ Baghdad Iraq ranked fifth among the oil producing countries with the largest proven crude oil reserves for 2019. According to the US Energy Information Administration (EIA) in its statistics for the year 2019 viewed by "Economy News", "Iraq ranked fifth in the world's largest proven crude oil reserves for 2019." She explained that "Iraq's reserves of oil during 2019 amounted to 147 billion barrels," noting that "these reserves increased compared to 2017, which amounted to 143 billion barrels. "Venezuela ranked first in the world's largest proven crude oil reserves of 303 billion barrels, followed by Saudi Arabia with 266 billion barrels, Canada ranked third with 167 billion barrels and Iran ranked fourth with 156 billion barrels." The oil ministry announced in 2017 the increase in the size of Iraq's reserves to 153 billion barrels, and indicated that it would ask OPEC to adopt it. Views 34   Date Added 18/04/2019

[yota691]

Iraq fifth largest oil reserves for 2019

Economy | 12:17 - 18/04/2019

 

 

 

Baghdad - Mawazin News 
Iraq ranked fifth among the oil-producing countries with the largest proven crude oil reserves for 2019. 
According to the US Energy Information Administration (EIA) in a statistical for 2019, seen by / Mawazin News, "Iraq ranked fifth in the world with the largest reserves Confirmed crude oil for 2019 ". 
"The reserves of Iraq's oil in 2019 amounted to 147 billion barrels," noting that "these reserves increased compared with 2017, which amounted to 143 billion barrels, 
adding that" Venezuela ranked first in the world's largest reserves of crude oil confirmed by 303 billion barrels, followed by The Kingdom of Saudi Arabia with 266 billion barrels, while Canada ranked third with 167 billion barrels, and then Iran ranked fourth by 156 billion barrels. "

[yota691]

11-05-2019 12:00 PM

Parliamentary energy: a defect that caused the loss of 29 billion dinars in the Ministry of Oil

 

 

Baghdad

The MP from the parliamentary energy committee, Jamal al-Muhammadawi, responded to a statement issued by the Office of the Inspector-General of the Ministry of Oil alleging his position on causing the waste of public money by holding the Arab Maritime Transport Company, amounting to 29 billion Iraqi dinars, while Hamdawi said that the statement in the statement strengthened conviction The public opinion that there was a major imbalance in the work of the Inspector-General was causing public money to be lost.

Al-Mahmoudawi said in a statement received on May 9, 2019, that "public funds were wasted by the management of the oil tanker company under its contract with the Arab Shipping Company (Annex 5) Federal Financial Control No. 9152 dated April 18, 2019, which confirmed the existence of a waste of public money amounted to (29 billion Iraqi dinars), the statement in the Office of the Inspector General of the Ministry of Oil came to strengthen our conviction that there is a significant imbalance in the performance of the role of the supposed office Inspector-General in the maintenance of public funds. "

He added that "we have recorded a number of observations that reinforced this conviction, including that the statement of the Office of the Inspector General has proved a major imbalance in the contract of participation between the tanker company and the Arab company through the diagnosis of 29 a note on the contract since the first months of the commencement of the implementation of the contract, However, the role of the Inspector-General in supporting the expansion of this contract was not supported by the adoption of annexes to the original contract, which reached more than (7) annexes, and the change in the position of the Inspector-General was personalized for observations on the contract at the beginning To support and support its expansion after a period of time About us in the face of the possibility of pressure or bargaining that led to a change of position. "

He explained that the Office of the Inspector-General indicated that he did not take any investigative action on the information he had at the press conference on 18/1/2019 of the waste of public money caused by the management of the oil tanker company under its contract with the Arab Shipping Company (Annex 5 ) On the pretext of lack of guidance from the Minister and this is contrary to the axioms of the work of the offices of the Inspector General, whose function is to investigate cases of corruption, the simplest of which is the existence of a hotline through which any information received by the Office and from any party, even if unknown, is followed by issuing a statement of inquiry Or investigation, how is the case with information issued by the top c Of control in the country and through a press conference and an official book of documents. "

He pointed out that "the failure to take any investigative measures on this subject is accompanied by a large and continuous waste of public funds raises suspicion and suspicion in the work of the Inspector General of the Ministry of Oil, although through our follow-up to the work of the Office observed the opening of investigations of small and simple matters, while the major issues that concern the economy Country is being overlooked. "

Al-Mahmoudawi, the Minister of Oil and the Chairman of the Integrity Commission, called for correcting this major imbalance in the performance of one of the most important supervisory bodies operating in the Ministry of Oil, the Office of the Inspector-General, and returning it to the right track by exercising its oversight and evaluation role for the Ministry's institutions. Required".

[mr.unlikely]

Right and thats just the ONE that they were able to find and expose. Tip of the iceberg if you ask me.

GM DV and Yota. Good article showing a glimpse behind the curtain of corruption that lies within the GOI.

[yota691]

Disclosure of Iraq's crude oil reserves

Editorial date: 2019/6/15 9:52 • 645 times read

BAGHDAD (Reuters) - Iraq's oil reserves stood at 147 billion barrels, BP said on Saturday.

The company said in its statistical review of the global energy sector for 2019, Iraq's crude oil reserves record 147 billion barrels to replace Iraq in the fifth place in the world. 
Venezuela topped the list with a reserve of 303 billion barrels and Saudi Arabia second with 297 billion barrels. 
Canada, according to estimates of the company, ranked third with reserves of 168 billion barrels, and Iran 156 billion. is over

[yota691]

Iraq maintains its fifth position on the list of countries with oil reserves

 

Oil field

energy Economy News Baghdad BP said in its annual report on global energy trends that Iraq's oil reserves remained steady at 147.2 billion barrels in 2017 and 2018, ranking fifth in the list of countries with the largest proven oil reserves in the world.  Saudi Arabia's proven oil reserves rose by the end of 2018, according to the BP report. The kingdom continues to narrow its gap with Venezuela, which has the world's largest proven reserves.He also pointed out that the proven reserves of the Kingdom witnessed a rise of 1.7 billion barrels during the period from the end of 2017 to the end of last year, while Venezuelan reserves increased by 500 million barrels only.  According to the report, Saudi Arabia's proven reserves grew significantly from the end of 2008 to the end of 2017, rising from 264.1 billion barrels to 296 billion barrels, but the country's reserves almost doubled, increasing from 172.3 billion barrels to 302.8 billion barrels. Views 37   Date Added 18/06/2019

[yota691]

The largest oil tanker anchored in an Iraqi port

Release date: 2019/6/21 12:20 • 521 times read

{Baghdad: Euphrates News} The General Company for Iraqi Ports, anchoring the giant Panamanian tanker {PROUD NADlA} on the quays of Khor al-Zubair port in the province of Basra.

A statement by the Ministry of Transport received the agency {Euphrates News} copy of the day that "this tanker is one of the largest oil tankers that went to Iraqi ports, the length of the length is 24.17 meters and width of 44 meters." 
The port of Khor al-Zubayr is witnessing remarkable commercial activity due to its important location and the reception of many oil derivatives tankers on its berth.

[yota691]

Ports launch side loading of giant oil tankers in Iraq's territorial waters

Economy | 05:56 - 26/06/2019

 

 

 

Baghdad - Mawazeen News The 
Iraqi ports, Wednesday, the side loading of STS of the giant oil tankers in Iraq's territorial waters, according to the latest requirements of international work. 
"The Iraqi ports started the side loading of STS for oil tankers and petroleum products according to the latest international business requirements in our territorial waters in the northern Arabian Gulf," Transport Minister Abdullah Loibi said in a statement received by Mawazine News. 
He added that "this step is one of the important objectives achieved by the draft government program in line with the guidance of the Prime Minister, Adel Abdul Mahdi, where the Iraqi port authorities began loading operations of oil tankers and petroleum products, according to the common operating system STS (Crown of the Sea) .
He explained that "this international project will achieve a significant financial return for the Iraqi national economy, where it is an important and important extension of the national economy, which will reflect positively on the increase in revenues of the company."

[yota691]

Iraqi ports launch side loading of oil tankers

A seaport in Iraq port

 27 June 2019 12:12 PM

Mubasher: Iraqi Transport Minister announced the start of side loading of oil tankers and oil products, according to the latest requirements of international action in the territorial waters of the northern Gulf.

In a statement to the ministry, Abdullah Luaibi said that this step is one of the important objectives achieved by the draft government program, in line with the directives of Prime Minister Adel Abdul Mahdi.

Oil tankers and oil products were loaded according to the joint operating system (Sea Crown).

He explained that this international project will achieve a significant financial return for the Iraqi national economy; it is an important and important pillar in supporting the national economy, which will positively affect the increase in revenues for the company.

[yota691]

Signing a local contract for transporting black oil

Date: 2019/11/13 13:23 • 76 times read

Deputy Prime Minister for Energy and Oil Minister Thamer Ghadhban said the ministry is keen to support national companies and raise their performance and work to the ranks of international companies.

This came during his sponsorship of the signing ceremony of the contract for the transfer of black oil between the Iraqi Oil Marketing Company (SOMO) and the Iraqi Oil Tankers Company.
Ghadhban said on the sidelines of the signing ceremony, "It is a new beginning and a white page and an important step to support and develop the national carrier represented by the Iraqi National Tankers Company, and to strengthen the role of the Oil Marketing Company (SOMO), which is exclusively responsible for contracting operations and marketing of oil and petroleum products in accordance with the law and instructions in force, as well as maximizing "Financial revenues supporting the Federal Treasury.
He added that "the contract provides for the Iraqi Oil Marketing Company (SOMO) to conclude contracts for the marketing of black oil from southern refineries (surplus need), and the operations of the Iraqi oil tankers to transport, storage, loading and provision of tankers, the implementation of obligations towards contracts concluded by (SOMO) With international companies in accordance with government instructions, and to achieve the highest financial revenues, stressing the expected additional revenues of more than (700) million dollars annually.
The Deputy Prime Minister for Energy and Oil Minister predicted that the quantities of black oil produced from southern refineries will rise next year to more than 20,000 tons per day.
For his part, Director General of the Iraqi Oil Marketing Company (SOMO) Alaa Al-Yasiri said that this contract represents an important step to achieve additional revenues for the federal treasury, according to contracts and mechanisms established with international companies, while the Iraqi Oil Tankers Company transport operations from Shuaiba Refinery to the port and Then unloading in a large tanker is a large reservoir in international waters, and then loaded to international companies contracted with (SOMO).
For his part, said the Director General of the Iraqi Oil Tankers Agency Ali Qais that "this contract represents an important start to re-activity of the Iraqi national carrier represented by the company, and work to upgrade its work and development and expand its activity according to plans prepared for it."
Ministry spokesman Asim Jihad revealed that the Iraqi Oil Marketing Company (SOMO) to conclude new contracts soon for the transportation of petroleum products with both the shipping company and the land transport company, a form of the Ministry of Transport.
Jihad added that this comes in an effort by the ministry to support, support and develop national companies and enhance their financial revenues.

[yota691]

SOMO signs contract with Iraqi oil tankers to transport black oil

Economie

2019-11-13 | 06:51

 

 

551 views

SOMO has signed a contract with Iraqi oil tankers to transport black oil, the Ministry of Oil announced on Wednesday.

Oil Minister Thamer Ghadhban said on the sidelines of the signing of the contract that "the oil marketing company SOMO signed a contract with the Iraqi tanker company for the transfer of black oil," noting that "the contract provides for the Iraqi Oil Marketing Company to conclude contracts for marketing black oil from the refineries of the South surplus, and the Iraqi Oil Tankers Company for transport, storage, loading and provision of tankers.

 

 

Ghadban added that "the Iraqi oil tankers company will take over transport operations from the Shuaiba refinery to the port and then unloading in a large tanker is a large reservoir in international waters, and then carry it to international companies contracting with (SOMO)."

 

Ghadhban pointed out that "the contract will generate additional revenues expected more than 700 million dollars a year," predicting "the rise in quantities of black oil produced from the South refineries next year to more than 20,000 tons per day."

 

For his part, said the Director General of the Iraqi Oil Tankers Agency Ali Qais that "this contract marks the beginning of an important task to re-activate the Iraqi national carrier represented by the company, and work to upgrade its work and development and expand its activities according to plans prepared for it."

 

Ministry spokesman Asim Jihad revealed that "the Iraqi Oil Marketing Company ( SOMO ) to conclude new contracts soon for the transportation of petroleum products with both the Shipping Company and the Land Transport Company, a form of the Ministry of Transport."

 

Jihad added that "this comes in an effort by the ministry to support, support and develop national companies and enhance the financial revenues of them."

 

The Iraqi Oil Tankers Company (IOTC) is an Iraqi state-owned company specializing in the shipping of crude oil and refined products, established in 1972.

[yota691]

Iraq expects high black oil production in southern refineries

Iraqi Oil Minister Thamer Abbas Al-Ghadhban during the signing ceremony of the contract for the transfer of black oil between the Iraqi Oil Marketing Company (SOMO) and the Iraqi Oil Tankers Company

 13 November 2019 05:33 PM

Iraqi Deputy Prime Minister for Energy Affairs and Oil Minister Thamer Abbas Al-Ghadhban witnessed on Wednesday the signing ceremony of a contract to transfer the black oil between the Iraqi Oil Marketing Company (SOMO) and the Iraqi Oil Tankers Company.

He predicted Ghadban, according to a statement issued by the Ministry of Oil, the quantities of black oil produced from southern refineries next year to more than 20,000 tons per day.

The Minister of Oil, the ministry's keenness to support national companies and raise their performance and work to the ranks of international companies.

Al-Ghadhban explained that the contract provides for the Iraqi Oil Marketing Company (SOMO) to conclude contracts for marketing black oil from refineries of the South (surplus), and the operations of the Iraqi oil tankers to transport, storage, loading and provision of tankers, and the implementation of obligations towards contracts concluded by (SOMO) ) With international companies in accordance with government instructions, in order to achieve the highest financial revenues.

The Minister confirmed that the expected additional income exceeds $ 700 million annually.

Ghadhban said that it is a new beginning and a white page and an important step to support and develop the national carrier represented by the Iraqi National Tankers Company, and to strengthen the role of the Oil Marketing Company (SOMO), which is exclusively responsible for contracting operations and marketing oil and petroleum products in accordance with the law and instructions in force, in addition to maximizing the financial revenues supporting the treasury Federal.

For his part, said the Director General of the Iraqi Oil Marketing Company (SOMO), that this contract represents an important step to achieve additional revenues to the federal treasury, according to contracts and mechanisms established with international companies.

Alaa Al-Yasiri added that the Iraqi Oil Tankers Company is in charge of transport operations from Shuaiba Refinery to the port, and then unloading in a large tanker as a large reservoir in the territorial waters, and then carry it to international companies contracted with (SOMO).

The ministry spokesman revealed that the Iraqi Oil Marketing Company (SOMO) to conclude new contracts soon; for the transportation of petroleum products with both the Shipping Company and the Land Transport Company, a form of the Ministry of Transport.

Asim Jihad added that this comes in an effort by the ministry to support, support and develop national companies and enhance their financial revenues.

[yota691]

SOMO signs three local contracts with transportation and oil companies

Editing Date: 11/12/2019 14:53 • 10 times read

{Baghdad: Al Furat News} The Deputy Prime Minister and Minister of Oil Thamer Al-Ghadban stressed the ministry’s keenness to support and develop national companies and increase and maximize the financial revenues generated through the conclusion of contracts that come in the context of supporting the national carrier (land and sea).

Al-Ghadban said during his attendance at the signing ceremony of the Iraqi Oil Marketing Company {SOMO} for three contracts for the transportation of fuel oil and naphtha products with the companies of the Ministry of Transport {the land and marine transport companies} and the other contract with the Oil Products Distribution Company.
He added, "This comes in the context of supporting the (national carrier) through the conclusion of clear and transparent contracts that regulate the transfer of oil surpluses from refineries to ports and then to international companies contracting with the Iraqi oil marketing company" SOMO "according to the official and legal mechanisms adopted," referring to "conclusion (Somo) company has another contract with the Iraqi Oil Tankers Company to transfer (13,000 tons per day) through Al-Shuaiba pipeline and from it to the platform of loading oil tankers in the regional waters.
For his part, Minister of Transport Abdullah Laibi praised the cooperation of the Ministry of Oil companies, stressing the ability of national companies to implement contracts for the transportation of oil products by land and sea because it represents an important opportunity to develop and expand the activities of the Ministry of Transport companies, and that the Ministry is in the process of increasing the capacity of transporting oil products via railways.
While General Manager of the Iraqi Oil Marketing Company (SOMO) Alaa Al-Yasiri said, "The contracts concluded by the company with each of the companies of maritime transport and land transport within the formations of the Ministry of Transport and contracts concluded with the Iraqi oil tanker companies and the distribution of oil products within the formations of the Ministry of Oil aims to enhance the participation of companies The National Transportation of Petroleum Products, and these contracts will contribute to strengthening the financial capabilities of these companies. "
And he stated that "the contract with the ground transportation company aims to transfer the amount (12 thousand tons of fuel oil per day) and that the contract with the shipping company aims to transfer the amount (16 thousand tons per day of fuel oil) and (the amount of eight thousand tons of naphtha) And that the contract concluded with the Oil Products Distribution Company aims to transfer the amount (four thousand tons per day of fuel oil) and transfer the amount (three thousand tons of naphtha), in addition to a previous contract concluded with the Iraqi Oil Tankers Company aims to transfer the amount (13 Thousand tons per day} through the Shuaiba pipeline and from it to offshore loading platforms in territorial waters. "End

[yota691]

In suppor t of the national carrier ... SOMO has three contracts with companies of the Ministry of Oil and Transport

Economy | 03:33 - 11/12/2019

 

 

 

 

BAGHDAD - Mawazine News
, the Iraqi oil marketing fork, SOMO, concluded on Wednesday three contracts with the companies of the Ministry of Oil and Transport, in support of the national carrier.
And the Ministry of Oil said in a statement received / Mawazine News / a copy of it, that "the Iraqi Oil Marketing Company SOMO, concluded in the presence of the Ministers of Oil and Transport, three contracts for the transportation of fuel oil and naphtha products with the companies of the Ministry of Transport (both land and sea transport companies) and the other contract with the Products Distribution Company Oil, in support of the national carrier. "
The Deputy Prime Minister, Minister of Oil, Thamer Al-Ghadban, stressed, "The Ministry's keenness to support and develop national companies and increase and maximize financial revenues generated through the conclusion of contracts that come in the context of supporting the national carrier (by land and sea)."
Al-Ghadban said, while attending the signing ceremony, that "this comes in the context of supporting the national carrier through the conclusion of clear and transparent contracts that regulate the transfer of oil surpluses from refineries to ports and then to the international companies contracting with the Iraqi oil marketing company" SOMO "according to the official and legal mechanisms adopted ".
He added, "The (Sumo) company has entered into another contract with the Iraqi Oil Tankers Company to transfer the amount (13,000 tons per day) through the Shuaiba pipeline and from it to the platform of loading oil tankers in the regional waters."
For his part, Minister of Transport Abdullah Laibi praised "cooperation with companies of the Ministry of Oil", stressing "the ability of national companies to implement contracts for the transportation of oil products by land and sea because it represents an important opportunity to develop and expand the activities of the companies of the Ministry of Transport, and that the ministry is about increasing the capacity of transporting products Oil via railroads. "
In turn, Director General of the Iraqi Oil Marketing Company (SOMO) Alaa Al-Yasiri, stated that "the contracts concluded by the company with both the marine and land transport companies within the formations of the Ministry of Transport and the contracts concluded with the Iraqi oil tankers and the distribution of oil products within the formations of the Ministry of Oil aim to Enhancing the participation of national companies in transporting oil products.
Al-Yasiri added, "These contracts will contribute to enhancing the financial capabilities of these companies," explaining that "the contract with the ground transportation company aims to transfer the amount (12,000 tons of fuel oil per day)."
He stated, "The contract with the marine transportation company aims to transfer the amount (16 thousand tons per day of fuel oil) and (the amount of 8 eight thousand tons of naphtha), and that the contract with the Petroleum Products Distribution Company aims to transfer the amount (4 four thousand tons per day Of fuel oil) and transfer the amount of (3 three thousand tons of naphtha), in addition to a previous contract concluded with the Iraqi Oil Tankers Company aiming to transfer the amount (13 thousand tons per day through the Shuaiba pipeline and from it to the marine loading platforms in the territorial waters. ”End 29 / 6 n

[Butifldrm]

Iraqi oil-reserve potential ‘could exceed’ Saudi Arabia’s

December 11, 201921:42

 

Crescent Petroleum’s CEO Majid Jafar told SALT conference Iraq's production has risen despite obstacles

'Improving investment climate for private sector essential' to utilize Iraq's full energy-sector potential

ABU DHABI: Iraq’s oil reserves had the potential to exceed those of Saudi Arabia, a top Middle East energy company chief has told the region’s first SALT conference.

In spite of years of corruption, a lack of infrastructure, and the five-year war on Daesh in Iraq, the country had managed to increase its production of oil from 1.5 million barrels per day (bpd) to 5 million, Crescent Petroleum’s CEO Majid Jafar revealed.

Speaking in Abu Dhabi on a panel session discussing power dynamics in the energy sector, he addressed Iraq’s position on oil production and the US’ recent move toward energy “independence.”

Referring to the rate of Iraq’s oil production today, he said: “This gives you some indication of the reserve potential in Iraq, which I believe can exceed Saudi Arabia’s.” And he added that parts of the country still remained “unexplored.”

To utilize the country’s full potential in the energy sector, he believed that improving the investment climate for the private sector was essential.

Jafar said this could be achieved by addressing the demands voiced in recent protests lead by Iraq’s youth, adding that “young people have had enough.”

Among their demands were the need for better services, electricity, employment opportunities and a governing system free of corruption and sectarian politics.

Yet, despite the instability, Crescent Petroleum was still optimistic. “As a group, we have invested $3 billion (SR11.25 billion) over the last 10 years, and the rate of investment is increasing going forward.”

Jafar pointed to the Middle East and North Africa region’s steep oil wealth, implying that more could be done to raise competition in the global energy market. He cited new reforms, such as Saudi Aramco’s partnership with the private sector, as a step in the right direction, considering that the region was home to five of the top 10 oil-producing countries.

However, he highlighted that in recent times the Middle East oil and gas industry had given up a significant amount of its market share to its American counterparts.

While the US moved toward “self-sufficiency,” Jafar believed the country’s “inter-dependence” would grow.

“Being an exporter of oil, you start to worry about the markets,” he said, making a projection on the impact of recent changes on the US economy. “With the US becoming one of the biggest producers in the world, its economy in terms of overall GDP does better if the oil prices are higher, and that changes all the calculations.”

Dr. Francisco Blanch, global head of commodities research at Bank of America Merrill Lynch, highlighted that while the US had become “energy independent,” investors had lost a significant amount of funds to “supply the capital to make it happen.”

Blanch’s forecast was that the US would not continue to grow at the pace it had been doing in recent years. “I think investors are waking up to realize that Shell is a marginal-cost business.”

Supporting Jafar’s observations, he agreed that the US had become more interdependent on exports and imports. He pointed out that today, the US imported 6.5 million barrels of oil, and exported 2.5 million bpd.

“I think the capital market has become more skeptical about capital being allocated to the energy sector,” said Blanch, adding that the next five to 10 years would witness a focus on technology and healthcare.

Examining the geopolitical situation in the Arab region, panelist R. J. Johnston, executive adviser and managing director for global energy and natural resources at Eurasia Group, described the energy sector as a “geopolitical-driven story.”

He cited the drone and missile attacks earlier this year on two Saudi Aramco oil sites in the Eastern Province, pointing out the disruptions in supply did not generate an expected response and impact on oil prices.

“This maybe suggests something about how the geopolitics of the region are changing. Even with sanctions on Iran and the attack against the Aramco facilities, the world is more focused on a different kind of geopolitics; more on the demand side,” said Johnston.

He also referenced the upcoming US elections as well as other problematic structural trends in the region and around the world, such as the protests seen in the Middle East, Western Europe, and Hong Kong, as factors that created uncertainty for the growth of the global market.

He added that in the age of US President Donald Trump, America was “less committed to the region” than it had been in the past, a situation that would create a new set of realities.

https://www.arabnews.com/node/1597551/middle-east

[6ly410]

Chief energy company chief in the Middle East: Iraq reserves may exceed Saudi Arabia

13:57 - 12/12/2019

 

https://www.almaalomah.com/2019/12/12/443320/

Information / translation ...

The chief of energy companies in the Middle East in the region confirmed that the Iraqi oil reserves have the ability to exceed Saudi Arabia's reserves and that many areas in the country are still unexplored.

And the website of (Arab News) newspaper quoted in his translation of the information / report of the CEO of Al-Hilal Majed Jafar as saying in the first “Salt” conference that “despite years of corruption, lack of infrastructure, and the five-year war on ISIS in Iraq , it succeeded. The country is increasing its oil production from 1.5 million barrels per day to 5 million barrels. ”

He added in a discussion session on the dynamics of power in the energy sector in Abu Dhabi that "this gives some indications of the reserves potential in Iraq , which I believe can exceed Saudi Arabia," noting that "parts of the country are still unexplored."

He added that "in order to take advantage of the country's full potential in the energy sector, the investment climate must be improved as necessary."

The report pointed out that "the oil and gas industry in the Middle East recently abandoned a large amount of market share to its American counterparts," noting that "with the United States becoming one of the largest producers in the world, its economy in terms of GDP will be better." If oil prices are higher, this changes all accounts. ” Ended / 25 z

Edited December 12, 2019 by 6ly410

[Laid Back]

More reasons to have a stronger currency.

 

Go iraq

Go oil production 

Go oil sales

Go HCL 

Go RV

[6ly410]

[yota691]

The oil minister expects to add new quantities of "hydrocarbon" wealth to Iraq’s reserves

By ahad5 21/12/2019 03:59 PM | Views: 26

Al-Ahed News- Baghdad

Deputy Prime Minister for Energy Affairs, Minister of Oil Thamer Al-Ghadban, expected today, Saturday, to add new quantities of hydrocarbon wealth (oil, gas) to the stock and reserves of Iraq during the coming period. 

Al-Ghadban said, during his presidency of a specialized technical meeting for the team assigned to the Petroleum Exploration Company and the Department of Reserves and Field Development at the Ministry’s Center, that “technical studies and geological research prepared by the specialized team indicated that there are large areas in the western region, as well as the central and southern governorates of Iraq that include hydrocarbon structures The promising opportunities for investment contribute to adding new large quantities to the size of the oil reserves and then to the reserves of hydrocarbon wealth (oil and gas) and new promising areas will enter the traditional production system. "

He added, "What requires us to update the figures related to the size of the oil reserves and reserves, and the Ministry will announce this after the completion of preparing and collecting information related to this matter, and this is what makes Iraq occupy an advanced position in the global classification." End / 5

[nannab]

Here is an idea how about passing the hydrocarbon law/wealth for the citizens first. 

Good morning Yota and thanks