National Iranian South Oil Company (NISOC) has signed a cooperation memorandum of understanding (MOU) with Basra Oil Company (BOC), Shana reported. The MOU was signed on the sidelines of the 13th Specialized Exhibition of Khuzestan Manufacturing Oil Industry Equipment in Iran’s southwestern Khuzestan Province. According to NISOC Head Alireza Daneshi, …
Read More »Iraq Ranks 12th among Countries with the Cheapest Gasoline Prices
The average price of gasoline in Iraq reached 5.14 U.S. dollars per liter. In its report for January 2023, Global Petrol Prices said that Iraq ranked 12th among countries with the cheapest gasoline prices (514 cents per liter) and fifth among Arab countries, preceded by Libya, Syria, Algeria, and Kuwait. …
Read More »Qatar in Negotiations to Invest in TotalEnergies’ Iraqi Projects
According to sources cited by Reuters, Qatar is in negotiations to acquire a share in the $27 billion cluster of energy projects in Iraq owned by the French multi-energy business TotalEnergies. The Qatari investment is anticipated to help Iraqi Prime Minister Mohammed Al-Sudani, who was elected last year following a …
Read More »Iraq’s First New Refinery in Decades Set to Hit Full Capacity by July
The new Karbala refinery south of Baghdad is expected to reach full 140,000 barrels per day (bpd) capacity by July this year, a source at the facility told Reuters on Tuesday. The Karbala refinery, estimated to have cost just over $6 billion, is expected to begin commercial production of fuels …
Read More »Iran’s Exports to Iraq via Khosravi Border up 28% in March-Dec.
Iran exported more than $621.761 million worth of non-oil commodities to Iraq via the Khosravi border crossing in the first nine months of the calendar year that started in late March, up 28% compared to the same period last year. Mehdi Abbasi, director of the Khosravi Customs Office, told IRNA …
Read More »Iranian Companies to Participate in Iraq’s Energy Projects
In coordination with the Iranian Oil Ministry’s representative office in Baghdad, the Iraqi Oil Ministry has notified all its affiliated entities about Iranian companies’ readiness for participation in the country’s energy projects, Shana reported. The oil ministries of Iran and Iraq have established a joint working group in order to …
Read More »Iraq Produces 300,000 bpd from Maysan Oilfields
The Iraqi Ministry of Oil announced on Friday that the oil production capacity from oilfields in Maysan governorate reached 300 thousand barrels per day, according to the Iraqi News Agency (INA). The Ministry of Oil mentioned in a statement that this achievement is an important addition, especially as it comes …
Read More »SOMO Confirms OPEC+ Decision to Reduce Production Stabilizes Global Markets
The State Organization for Marketing of Oil (SOMO) confirmed on Saturday that OPEC+ decision to reduce production did not affect Iraq’s oil exports, and suggested that oil prices in the coming year would range between 85-95 USD. Iraq’s representative in OPEC, Saadoun Mohsen, told the state news agency (INA) that …
Read More »Saudi Arabia and Iraq Reiterate their Support for a Production Cut
Following a bilateral meeting on Thursday, the energy ministers of Saudi Arabia and Iraq reiterated their support for the oil production cut agreed upon last month. At the same meeting, they emphasized the importance of sticking to the agreement until the end of 2023, Saudi Arabia’s Abdulaziz bin Salman said …
Read More »Iran’s Exports to Iraq Rebound
New trade data show Iran’s exports to Iraq are rising after they plummeted in the first half of the current Iranian year (started March 21). Iran’s exports to neighboring Iraq stood at $7.03 billion during the first seven months of the current Iranian year (March 21-Oct. 22), according to a …
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