Platform: Iraq strengthens its tanker fleet in light of a market looking for an alternative to Russian oil
Economy | 20-11-2022, 23:40 |
The "energy" platform specializing in energy markets published on Sunday a report indicating that
Iraq is working to strengthen the fleet of gas and oil tankers, in light of a market looking for an alternative to Russian oil. The platform said in a report (Baghdad today) that
"Iraq is working to strengthen its fleet of oil and natural gas tankers, as an important link in supporting the country's revenues from fossil fuel exports, in light of the search for new markets, especially in European countries looking for an alternative to Russian oil. She continued:
"Iraq is the second largest oil power in the Arab region after Saudi Arabia, as the country ranked second in the list of the largest Arab crude-producing countries with supplies exceeding 4 million barrels per day last year (2021).
Oil tankers in Iraq
She pointed out that
"the government founded the Iraqi Oil Tanker Company in 1972, with the aim of increasing the country's revenues from oil exports, and then supporting its economy". She continued:
"the company owns about 17 oil tankers with different cargoes: namely: Rumaila, Kirkuk, Ain Zala, Khanaqin, jambour, Baba karker, bazkan, Tariq bin Ziyad, Al-mutnabi, Qadisiyah, Yarmouk, Farahidi, amoriya, Hattin, Mustansiriya, Al-Khalda and Al-Karama". She continued:
" Iraq also owns 4 tankers with cargoes ranging from 10 to 13 thousand tons, namely: Baghdad, Tigris, Shatt al-Arab and Euphrates, according to the information seen by the Energy Research Unit, " adding:
"the Iraqi Oil Tanker Company also has 4 vessels with small cargoes that handle the task of refueling ships.
"Iraq is working on owning new tankers to increase its fleet, in addition to building gas tankers and expanding the activity of refueling ships, "adding that
"Iraq recently added a contract to build two oil tankers with a tonnage of 30 thousand tons, in addition to building a natural gas tanker, and the country is also working on building two more tankers, in addition to buying oil tankers with different tonnages.
Iraqi oil exports
She pointed out that
"the treasury of Iraq has benefited greatly from the recent record highs in oil prices in world markets, amid fears of tight supply or slowing global demand for oil with expectations of the world economy entering a recession". She continued:
"according to what the energy research unit monitored, Baghdad's revenues from the sale of crude during the period from January to the end of June increased to 61.64 billion dollars, compared to 33.17 billion dollars during the same period last year. She said:
"it is expected that Iraq's revenues from oil exports will reach 157.547 billion dollars this year (2022) -according to the calculations of the Energy Research Unit - compared to 79.788 billion dollars in 2021, according to the annual OPEC data.
"This comes as Iraq seeks to increase its exports to the European continent, which is looking for an alternative to oil in light of the ongoing war crisis between Russia and Ukraine," she said. She concluded by pointing out that
"the director of the Iraqi oil marketing company (Sumo) Alaa Khader al-Yasiri, said earlier that
his company is looking for opportunities to market Iraqi oil, including the conclusion of agreements with European companies that the country lacks contracts with, which may lead to an increase in sales of Iraqi ores in the European market.