Bassem Khazir, the Iraqi Minister of Oil, announced that the country has an urgent need to purchase new oil tankers to increase crude oil exports and improve its revenues. These remarks were made following Iraq's recent successes in oil exports in September and October.
Purchase of 10 New Oil Tankers
Khazir stated at the beginning of this month that the Iraqi Ministry of Oil is considering the purchase of 10 super oil tankers worth approximately $2 billion. This purchase aims to increase the capacity for transporting crude oil and facilitate greater exports to global markets. Financing options for this project are also being explored.
Read more: EQT and Range Become the Largest Natural Gas Producer in America
The Iraqi Minister of Oil also noted that the country experienced stronger export results in September and October, with crude oil exports exceeding 3.4 million barrels per day (bpd) in October. These exports were conducted through the Strait of Hormuz, the port of Ceyhan in Turkey, and oil tankers via Syria.
Need for Modernization and Increased Production
The Iraqi Minister of Oil emphasized the necessity of modernizing oil wells and called for companies operating in Iraq's oil fields to fulfill their developmental commitments. He also instructed officials to maintain old refineries and expand strategic fuel reserves to ensure the country's domestic needs are met.
Khazir also stressed the need for progress in associated gas collection projects and the development of gas fields. These measures could help reduce Iraq's dependence on energy imports and create the groundwork for sustainable economic growth.
Ultimately, given the challenges facing Iraq's oil industry and the need for new investments, these actions can be considered effective steps towards strengthening the oil industry and increasing the country's revenues.
