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Al-Allaibi: Law of the National Oil Company a step to maximize Iraq’s revenues

The Iraqi Ministry of Oil is achieving a series of successes by its Minister Jabbar Al-Allaibi and his direct supervision of the implementation of the development plans to promote the economic reality and stability. The Minister commends the efforts of the oil sector workers who continue to work day and night in order to optimize investment of national wealth.

During his meeting with a delegation from the province of Basrah, Al-Luaibi said the importance of the Iraqi parliament’s vote on the restructuring of the National Oil Company, which ranks fourth among the world’s oil companies.

He says that the company, which dates back to the early sixties of the last century, has achieved remarkable achievements at levels of production and investment of gas and raise the rates of oil reserves and the development of oil fields.

He added that the restructuring of the National Oil Company is a step forward to open new horizons for the development of the oil and gas industry in the country, and will build Iraq after years of fruit development of the oil and gas sectors and infrastructure, and improve the performance of workers in the oil sector, and develop the work of the private sector in the country, which will be

Has a major role in the development of the national economy.

Al-Luaibi stressed the amendment of the laws and legislations by experts and jurists and the approval of the concerned parties, in accordance with the requirements of the general interest of the country’s economic and industrial, because the laws are not without some notes.

In a related context to the achievements and successes achieved by the Ministry, and within the directions of Allaibi to maximize financial revenues and the federal treasury and the development of real investment of the country, Al-Allaibi focuses on reducing the import of oil derivatives by (25%), which provides financial revenues, The proper planning of the provision of petroleum products to citizens, ministries, government establishments, companies and factories of the private sector and others, indicating that the rehabilitation of a number of refineries that were destroyed by terrorist gangs and the resumption of production, contributed to the increase in production In addition to a number of production units to the refineries of the south and center. ”

Al-Luaibi pointed out that achieving the Ministry’s objectives of self-sufficiency in the production of liquid gas has the great effect of reducing the proportion of imports by covering a large part of the consumption in some facilities and compensating them with liquid gas, and operating the production units in modern refineries, Chinese and Qayara and Kirkuk, Increase the production of oil derivatives.

Al-Allaibi said that the ministry is continuing to launch plans and projects for the establishment of refineries outside the country for the benefit of Iraq, and large investment projects inside the country in the liquidation sector, including Kirkuk refinery and refinery Maysan, Nasiriyah, Faw, Anbar and Nineveh and others, which contributes to raising the productive capacity of oil derivatives in the country.

In the same context, the Ministry is keen to enhance production capacity. Al-Allaibi inaugurated the wet oil processing unit in the West Qurna field with a capacity of 50 thousand barrels, which is working to increase the production rates in the oil fields through the projects carried out in cooperation with international companies operating or through National effort.

Al-Luaibi described the project as “the pride”, explaining that the completion of the project, which was accomplished in record time during the projects implemented by the ministry in cooperation with international companies operating ExxonMobil ZoonRoiner and the national effort, which will increase the total capacity of the station to 160 thousand barrels per day, And improve the quality of production, as it will restart the 15 wells were closed because of the impact of water, which will boost production rates by 20 thousand barrels.

“The completion of this unit will increase production rates in the field, which will boost the production capacity of Iraq,” ExxonMobil’s representative, Zoon Roehner, said. “One million hours of non-stop work has been completed in two years through SEBEC.”

“The project was completed at a cost of less than the planned budget of 10 percent, and is one of four projects to raise production capacity to high levels,” the representative of Sipec said.
The Chairman of the Joint Committee for the management of West Qurna 1 / Hassan Mohammed, that “the project, which was carried out according to high specifications was completed in record time, and three months ahead of schedule, which reflected positively in raising the rate of production field during the year.

Hassan Mohammed said that during the completion of the project, the rehabilitation of national staff and training them on site to acquire modern expertise, pointing out that the ministry is determined to open the seventh wet oil processing unit soon after.

The oil minister, Jabbar al-Allaibi, revealed important negotiations with investment companies to develop the fields of Ben Omar and Artawi in the province of Basra, explaining that “the negotiations between the Ministry of Oil and the coalition of companies is still about the current production of the two fields,” noting that “the ministry aspires to develop a capacity of 550 Thousand barrels of light oil, and production of 1000 million cubic feet of gas.”

He explained that “this is done in exchange for the coalition of companies to establish a project to inject water with a capacity of 5 million barrels per day, and build a warehouse in Nahr Umar and Nabubin Bahrin and Nabubin Bryan,” pointing out that “this project is very important and will develop the area north of Basra and will provide jobs and put Iraq in place Advanced market for light oil. ”

The minister also stressed the importance of building positive, cooperative and participatory relations with civil society institutions and scientific centers for research and universities. He said that the ministry supports all trends that develop science, scientists and scientific universities. Continuing this trend with the University of Basra.

During his visit to the university, the minister stressed the support of science and scientists to develop the scientific march, improve the mechanisms of teaching and laboratory work, and solve the problems experienced by the students in terms of teaching or appointment, and instructed the Basra Petroleum Company to meet their demands in accordance with the controls and contexts and instructions in force.

And stresses the absorption of Iraqi manpower in the projects and fields in which foreign companies operate within the fields of licensing rounds and according to the ratios previously determined in the form of contracts concluded.
Al-Luaibi discussed with the Dean and heads of departments at the Faculty of Agriculture at the University of Basra the developments in the national campaign to plant a million palm trees. He confirmed the developments in the project of the National Campaign for planting a million palm trees, which was initiated by the Ministry of Oil in coordination with the Faculty of Agriculture and concerned authorities in the governorate.

And stresses the development of service infrastructure, and coordination between the Ministry of Agriculture and the Ministry of Agriculture for the cultivation of ornamental trees in some of the central carrots from the streets of the province of Basra, earlier implementation of several service projects in the province, including the establishment of a tourist resort in Muftiya and the development and rehabilitation of the river, Bridges and support the Cancer Hospital in the province, and other projects. Source