Iraq Economic News and Points To Ponder Monday Afternoon 6-17-24 — Dinar Recaps (2024)



Iraq Economic News and Points To Ponder Monday Afternoon 6-17-24

Iraq Contracts With An American Company To Develop Oil Refineries

Economy | 04:16 - 06/17/2024 Baghdad - Mawazine News The Ministry of Oil clarified on Monday the details of the memorandum of understanding signed with the American company Honeywell to develop refineries.

Deputy Minister of Oil for Refining Affairs, Hamid Al-Zobaie, said in a statement received by Mawazine News, “There is a memorandum of understanding signed by the Minister of Oil under the auspices of the Prime Minister with Honeywell, which is one of the large specialized companies with extensive work in all activities,” noting. To "conduct a workshop with the company regarding refinery activity."

Al-Zobaie explained, “The memorandum that was signed aims to develop projects for developing refineries and to meet what was directed by the Prime Minister regarding the refinery capacity reaching 40 percent of the production capacity of crude oil,” noting that “raising the refinery capacity to 40 percent will add value to the crude oil produced and lead to To raise financial returns and thus support the national economy.”

He pointed out that "7 projects were discussed regarding refineries, with a capacity of 70 thousand barrels for each project, in the governorates of Maysan, Dhi Qar, Muthanna, and Najaf Al-Ashraf, in addition to the third unit in the Al-Dawra, Haditha, and Qayyarah refineries."

He pointed out that "the Ministry's plan was presented and discussed extensively with Honeywell during the workshop held, and it is hoped that a complete vision will be presented by the company regarding the process of developing the refineries with the proposed capabilities during the next two weeks."

He added, "Honeywell is known for its technical and technological expertise and capabilities, and it is important for gaining and transferring expertise to national cadres and developing facilities," stressing that "after completing the preparation of the projects, the implementation mechanism and time periods for their completion will be determined."

He noted that "the Prime Minister paid great attention to the refinery sector through development and raising the capabilities of refineries due to its great economic importance," noting that "great achievements have occurred in the refinery sector during the past short period, represented by the completion of the fourth unit in the South Refinery, which added 70,000 barrels of refining capacity, in addition to...

About the Al-Azmra unit in the same southern refineries, which will be opened very soon, as it added about 1,200 cubic meters of high-octane gasoline, as well as the completion of the Al-Azmra unit in the Doura refinery and the rehabilitation of the North refinery in record time, which added refining capacity of up to 150,000 barrels.

He continued, "During the next few days, the CCR unit in the North Refinery will enter service and will add approximately 3,000,000 liters of high-octane gasoline. The Izmora unit in the North Refinery has also been operated," stressing that "all of these projects were completed in a very short period of time."

He continued, "The upcoming projects, which will enter service soon, will be a contributing factor in raising refining capacities and filling the local consumer need for some products, including the FCC unit in the southern refineries, as it is hoped to be completed in the first half of next year, as it will add gasoline production.

" High octane capacity of 4,000 cubic meters to 4,000,000 cubic liters, and we also have projects for refining capacity additions in Haditha refinery, during the current quarter of this year, adding 20,000 barrels.”

He pointed out, "The Prime Minister directed the Ministry of Oil to prepare a study that includes establishing a pipeline network adjacent to the development road that meets all the future strategic plans of the Ministry of Oil from the fields to the transportation process, in order to facilitate the process of transporting crude oil and gas between the north and the south, as well as export ports."

Among Them In Iraq...The Most Prominent Global Oil And Gas Discoveries In 2024

Money and business Economy News - follow up Global oil and gas discovery volumes in April 2024 fell by 76% month-on-month, with Latin America and the Caribbean accounting for the majority of new volumes discovered.

The global total volumes of discovered gas and oil liquids reached 230 million barrels of oil equivalent in April 2024, according to recent data.

In contrast, global oil and gas discovery volumes saw a slight increase of 0.9%, compared to total discoveries of 228 million barrels of oil equivalent in the same month of 2023.

Oil liquids constituted the majority of the volumes discovered in April 2024, at 89%, equivalent to 200 million barrels of oil equivalent, while the percentage of gas volumes discovered was 11%, equivalent to 5 billion cubic metres.

Volumes Of Global Oil And Gas Discoveries In 2024

During the first 4 months of 2024, the total volumes of global oil and gas discoveries reached 1.7 billion barrels of oil equivalent, up from 1.2 billion barrels of oil equivalent during the same period in 2023, according to the monthly report, recently issued by the Gas Exporting Countries Forum.

Last month, 8 new gas and oil discoveries were announced, 4 of which were offshore.

Regionally, Latin America and the Caribbean dominated new discoveries in April with 47%, mostly in Brazil and Colombia.

While Africa represented 33% of the volume of global oil and gas discoveries last April, followed by the Asia-Pacific region with 12%, then Europe with a share of 8%.

Most Notable Discoveries

The most notable global oil and gas discovery announced in April 2024 was the onshore Chutadoro gas field in Colombia, with recoverable reserves estimated at 3.2 billion cubic metres.

The UAE's Mubadala Energy Company has made another landmark gas discovery in Indonesia, this time in Tangkulu, located in the South Andaman region, with recoverable reserves of more than 55 billion cubic metres.

This new discovery by Mubadala Energy, which follows the Liaran discovery in December 2023, would make the South Andaman region one of the most promising gas regions in the world.

Iraqi licenses and Korean exploration

One of the most prominent recent developments in the oil and gas exploration sector is the launch by the Iraqi Ministry of Oil of the sixth oil and gas licensing round, the first round in the country since 2018, according to what the Energy Research Unit reviewed.

The tour includes a total of 29 onshore areas for oil and gas exploration in 12 governorates, with the aim of attracting investments in these areas.

According to estimates, expected gas production from new Iraqi oil and gas licensing rounds - which have witnessed Chinese dominance - will reach 8.3 billion cubic meters annually.

In the same context, South Korea launched a new exploration campaign to explore oil and gas in the depths of the East Sea, according to what was monitored by the Energy Research Unit.

The South Korean President announced that there is a high probability of discovering up to 14 billion barrels of oil equivalent (boe) of oil and gas resources off the coast of Yongil Bay, near the city of Pohang.

If these discoveries are successful, the results of which are expected to be confirmed during the first half of 2025, they could meet South Korea's gas consumption needs for up to 29 years, and oil consumption for 4 years. 98 views 06/17/2024 -

Oil Prices Exceed $83 Per Barrel

Economy | 04:45 - 06/17/2024 Baghdad - Mawazine News International oil prices stabilized above $83 per barrel in trading by 4 p.m. Baghdad time.

The price of Brent crude futures reached $83.09 per barrel, up by about 1% from yesterday’s prices.

While the price of American crude reached $78.82 per barrel, rising in the same manner from yesterday’s close.

To read more current and reliable Iraqi news please visit :

Provoking Thoughts and Points To Ponder On Adversity:

Pain makes man think. Thought makes man wise. Wisdom makes life endurable. -John Patrick

Time engraves our faces with all the tears we have not shed. -Natalie Clifford Barney

Suffering raises up those souls that are truly great; it is only small souls that are made mean-spirited by it. -Alexandra David-Neel

To live is to suffer, to survive is to find some meaning in the suffering. -Roberta Flack

If you suffer, thank God! It is a sure sign that you are alive. -Elbert Hubbard

Suffering is also one of the ways of knowing you're alive. -Jessamyn West


Iraq Economic News and Points To Ponder Monday Afternoon 6-17-24 — Dinar   Recaps (2024)
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