Ali Al-Zaydi, during a meeting with representatives of the coalition of companies participating in the project for the transportation of Iraqi crude oil to ports located in the Mediterranean Sea and the Red Sea, stated that the Iraqi government has adopted an open-door policy in its dealings with foreign companies in line with developmental goals. This action comes at a time when there are bureaucratic challenges and obstacles.
Increasing Oil Production Capacity
Al-Zaydi clarified that the main goal of the government is to increase oil production to 10 million barrels per day. This increase in production will not only help develop and stabilize Iraq's position in global energy supply but will also have positive effects on the economic situation and the livelihoods of citizens. He emphasized the necessity of determining real prices commensurate with production costs and the quality of services provided.
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Strategic Projects and Diversification of Export Routes
Iraq is seeking to implement strategic projects to connect oil fields to ports in the Mediterranean Sea and the Red Sea. These projects are designed to reduce dependence on the Strait of Hormuz and diversify crude oil export routes. The two main routes include the Basra-Baniyas pipeline and the Iraq-Saudi Arabia (IPSA) pipeline towards the Red Sea. The Basra-Baniyas pipeline, which connects the southern fields, Basra province, and Kirkuk to the Baniyas port on the Syrian coast, aims to create a new route for oil exports to Turkey and the Mediterranean.
On the other hand, the IPSA pipeline, approximately 1568 kilometers long, passes through the Al-Zubair field in Basra and reaches the Al-Mu'ajjiz/Yanbu port in the Red Sea through Saudi territory. These new pipelines enable Iraq to manage its crude oil exports more effectively while overcoming existing obstacles.
In conclusion, Al-Zaydi pointed out the importance of maintaining Iraq's sovereignty and stability and emphasized the need for joint action to strengthen mutual interests. He also introduced Iraq's partnership with American and multinational companies as an important opportunity to enhance economic partnership and increase oil production.
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