Iraq Business Report

Last updated at 29/01/2018

Iraq exports 3.5 million oil barrels per day in January: SOMO

Crude oil exports by Iraq state-oil marketer SOMO ran at an average rate of 3.5 million barrels per day in January, an Iraqi oil official said on Monday.

Next week, the country plans to start exports to Iran from the northern Kirkuk oilfield using tanker trucks, he said.
Iraq will comply with the OPEC output reduction deal even though it is working hard to increase its oil export capacity from both the country‌s south and north, its oil minister said on Monday.
Jabar al-Luaibi told a Chatham House conference in London Iraq‌s total capacity has reached 5 million barrels per day (bpd), including 4.6 million bpd from the south.

He said Iraq hoped to more than double production from the northern Kirkuk oilfields with the help of BP.

Meanwhile, Iraq plans to build an oil refinery at the port of Fao on the Gulf with two Chinese companies, and is seeking investors to build three more, the oil ministry said on its website on Monday.

The refinery in Fao will have a 300,000 barrel-per-day capacity and include a petrochemical plant, it said.

Two other refineries, each with a 150,000-bpd capacity, are planned in Nasiriya, southern Iraq, and in the western Anbar province. A third, with a 100,000-bpd capacity, is planned in Qayara, near Mosul, the northern Iraqi city, which was taken back from Islamic State militants last year.

Iraq is OPEC‌s second-largest oil producer, after Saudi Arabia. Its refining capacity was curtailed when Islamic State overran its largest oil processing plant in Baiji, north of Baghdad, in 2014.

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