Tag Archive | "Basra"

The latest news from Basra – renovation, building, investment & more – brought to you by Iraq Business News

Basra Oil Wealth to Build Iraq

By John Lee.

Iraqi Oil Minister Adel Abdul-Mahdi [Adil Abd al-Mahdi] has reportedly promised to make Basra the economic capital of Iraq, but added that there are many obstacles to be solved in achieving this.

During a visit to oil and gas installations in southern Iraq, the Minister pointed out the importance of the South Oil Company (SOC) to Iraqi revenues, and said that there would be an increase in oil production levels that would benefit all the people of Iraq.

These are not just promises,” he said, “our aim is to build Iraq.

(Source: UPI, Aswat al Iraq, Ministry of Oil)

Posted in Oil & GasComments (0)

Iraq Oil Exports Up for July

By Patrick Schmidt.

According to a statement released by the Ministry of Oil, Iraq exported 75.7 million barrels of oil in July. This figure means that an average of 2.5 million barrels were exported per day and would mark a five percent increase in exports since July 2013.

Iraq earned $7.74 billion worth of revenue from oil sales in July alone.

The oil sold over the past month came from Basra province, as Iraq has not been able to export crude from its northern oil fields because of the advance of the Islamic State (IS).

(Source: Business Standard)


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KOGAS in $4.9 Billion Project

By Patrick Schmidt.

On Monday, Korea Gas Corporation (KOGAS) announced that it will invest $4.9 billion in the Zubair oil field project.

The investment will help establish the facilities needed to launch the project and help Zubair reach its potential of over 800,000 barrel per day production. KOGAS have a 23% stake in the Zubair field, while other stakeholders include Italy’s ENI and US firm Occidental Petroleum.

Zubair remains one of the key oil fields in the south of Iraq, located far from the violence in the centre and north of the country. A spokesman from KOGAS noted,

“The turmoil in Iraq is occurring in northwestern Iraq, which is located a considerable distance from the Zubair field, so it has not disrupted our output.’’

(Source: Reuters)

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Shell wants Pier and Petrochemical Factory

By John Lee.

Shell has had discussions with Iraqi Ports Administration regarding the possibility of acquiring a piece of land at the Umm Qasr terminal to build a pier and petrochemical factory.

According to Aswat Al Iraq, talks between the two sides were held to discuss the project which shall be administered by the company on a joint operation basis.

Earlier, Iraqi Ports Administration announced the development of Umm Qasr terminal and providing the other side of the bank for investment to build 13 piers.

(Source: Aswat Al Iraq)

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NPM Approved for Food Imports

By John Lee.

Nawah Port Management (NPM) has reportedly won approval from the Iraqi government to import food cargo at its Basra port container terminal.

Nicholas Kunesh, NPM’s president and CEO, said:

This is an important moment for Basra and Iraq writ large. Given Iraq’s growing disposable income, particularly within the expanding middle class, demand is increasing to consume more types of food and at greater quantities.

“Therefore, the need for efficient, reliable movement of food into the country is becoming more and more paramount. Today’s announcement by the Iraq government clearly recognizes that necessity as well.”

Hayder Abood Abdul Abaas, a leading local Basra merchant and owner of Iraqi Basra Company, commented:

With the Port of Basra added to the list of approved Iraqi entry points for food, the challenges faced by the vast majority of us importing and selling everything from fruit juice to chicken will be greatly reduced.

“We’ve already seen a difference in getting general and containerized cargo moved into Basra through the Port of Basra.”

NPM is a business unit of North America Western Asia Holdings (NAWAH).

(Source: TradeArabia)

Posted in Industry & Trade, TransportationComments Off

Iranian Gas to Supply Basra

By John Lee.

Gas from the South Pars field in Iran could be supplying power stations in the province of Basra within a year, reports UPI.

A pipeline currently under construction will run from Asaluyeh to Iraq’s southern city of 2 million people, and may later extend to Syria, depending on conditions “after the war” according to Iranian deputy oil minister Ali Majedi.

The 56 inch pipeline is part of a wider deal to supply power stations across Iraq which was finalized last year and will be 270km in length when fully constructed.

(Source: UPI)


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Iraq Oil Exports Up for April

By John Lee.

Iraq’s oil exports were up to 2.5 million bpd for April, an increase on March’s exports of 2.4 million bpd, despite the inactivity of the major northern Kirkuk-Ceyhan pipeline, which has been inoperable due to insurgent sabotage.

A statement from the ministry of oil said that April’s total of 75 million barrels brought in $7.5 billion in revenues. Iraq is currently dependent on exports through its southern terminals at Basra.

(Source: AFP) 

(Image: Basra oil terminal via SIGIR)

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Technip Wins FEED Contract at Rumaila

Technip, in partnership with China HuanQiu Contracting & Engineering Corporation (HQC), has been awarded a front-end engineering design (FEED) contract for the Ar Ratawi Natural Gas Liquids (NGL) train1 project at North Rumaila in Basra.

The deal was awarded by the Basra Gas Company (BGC), a joint venture between the Iraq’s South Gas Company (51%), Shell (44%) and Mitsubishi (5%).

The project is the first of the new greenfield associated gas processing facilities that will significantly minimize gas flaring in Iraq and make more energy resources available for power and domestic use– an NGL train with nominal feed gas capacity of 530 million standard cubic feet per day. The standalone facilities will produce liquefied petroleum gas (LPG), NGL and condensate for domestic markets.

The scope of work covers the basic engineering design package of the NGL process units, utilities and the submission of an engineering procurement and construction (EPC) package.

Technip’s operating center in Abu Dhabi will execute the project, scheduled to be completed by the end of 2014.

Vaseem Khan, President of Technip in the Middle East, declared:

This award reflects Technip’s strengthened position in the Middle-East market, following several previous awards. We are proud to bring our specific technological edge and licensed innovative solutions to the downstream industry, while leveraging our 30 years presence in the region.

(Source: Technip)

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