Iraq reveals its intention to build the largest industrial island to export oil in the northern Gulf

Iraq reveals its intention to build the largest industrial island to export oil in the northern Gulf

2019/9/4 8:34

Iraqi oilBAGHDAD: The Basra Oil Company, in the middle of this month, a memorandum of understanding with a Dutch company to prepare a road map to build the largest industrial island for the export of crude oil in the offshore area in the northern Gulf.
General Manager Ihsan Abdul Jabbar said in a press statement that “the company will sign a memorandum of understanding with the Dutch company (Boss Kals) to build the largest industrial island for the export of crude oil in the offshore area in the north of the Gulf.
” Oil represented by the company will sign the consultative study, which will pave the country to enter into the offshore oil industry projects in the future and maximize the financial resources in the general budgets of the state. The project aims at increasing the export and storage capacity of the project at a higher rate in the future to provide access to the target number by the ministry to provide the needs of the world market of crude oil, he
added . And economic and housing for the workers of this giant project, as well as the mechanism of financial recovery of the parties. ”
In a related context, the Director of the company to maintain the relative stability in the rate of export capacity of crude oil planned for the current month through the ports of Basra at 3 million and 400 thousand barrels per day, a rate of an average of 50 thousand barrels per day last and 450 thousand barrels per day record according to the determinants of the Organization {OPEC}. ”
He pointed to” the lack of intention by the ministry to raise the advertiser achieved rate of export per month until the end of this year commitment to the decisions of the Organization (OPEC) and Exporting countries from outside to support the policy of supply and demand balance and the price of a barrel of crude oil in the global market. ”

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