“The objective of these projects is to develop the aforementioned refinery to increase its daily production capacity to 4500 tonnes of premium benzene, 27,000 barrels of fuel oil, 40,000 barrels of hydrogenated gasoil, which is to be produced for the first time in Iraq as per the global standards, and 500 tonnes of liquid gas."
With regard to the import and export of gas, Mr Fares said:
“After by the Basra Gas Company has made colossal efforts in investing in the associated gas, benefiting from its financial returns and decreasing its burning in the air. As a result, the daily production of liquid gas reached a level that now meets the daily requirements of the country. The Company also began exporting liquid gas and gas condensate c5.
"Six shipments of gas condensates were exported, pushing the total export amount to 105,500 cubic meters. As for liquid gas, the daily production has reached 5000 tonnes, while the total requirement of the country stands between 4000 to 4500 tonnes per day. The company was able to assign 10,000 tonnes for export and has, until now, exported four shipments with a total of 7100 tonnes."
Speaking about the Iraqi Drilling Company (IDC), Mr Fares said:
“The Iraqi Drilling Company is one of the most important formations at the Ministry of Oil and it was making losses until the first quarter of 2015. But thanks to the company’s wise management and the persistence of its employees to work harder, the IDC was transformed into a profitable one.
"It drilled 144 wells and rehabilitated 508 wells for licensed companies. The IDC owns 47 drilling and rehabilitation rigs. It conducts its work according to global standards; this has enabled it to win tenders inside Iraq. Recently the IDC was awarded a global certificate in quality, health and safety and environment."
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