29 May 2013
From news sources, it has been revealed that Iraq is putting effort to raise its export by 30 percent to India. As the rival Iran has dropped its export and production of oil, due to infrastructural repair, India is seeking for oil export from Iraq.
Iraq's Minister of Water Resources Mohanad Salman Alwan Al-Shaibani stated, "India has requested 80,000 barrels per day of additional crude oil supply. We will increase the supply depending on the availability."
Recently, Iraq has become second largest oil supplier to India, replacing Iran. The country’s 11 to 12 percent demand has been supplied by Iraq, around 300,000 barrels per day basis.
Due to low export from Iran, India has sought for oil export from Iraq and Saudi Arabia. India has also requested Saudi Arabia, the largest supplier of crude accounting for almost one-fifth of the country's needs, to increase the supply by 100,000 barrels per day.
Al-Shaibani stated that Iraq is aiming for increasing its oil production in order to meet international, as well as domestic demands. "With the increase in our overall production, we will increase supply to India.” he added. Iraq, which holds the world's fifth-largest proven crude oil reserves, overtook Iran last year to become the top producer, after Saudi Arabia, in the Organization of Petroleum Exporting Countries (OPEC).
The minister claimed that India is one of the biggest trading partners of Iraq. The country shares excellent relations with India and Iraq is keen to receive investments in the oil sector of Iraq. Major public and private Indian companies are expanding their business in Iraq. Iraq's Ambassador to India Ahmad Tahsin Berwari said Reliance Industries Limited (RIL), along with six other global firms, were recently shortlisted for development of the multi-billion-dollar Nasiriya oilfield project.
Jindal SAW Ltd. has won a $198 million contract to build and operate a factory for manufacturing oil and gas pipeline in Southern Iraq. Not only these, a lot of other Indian companies are working in different parts of Iraq, developing the country’s infrastructure and building strong future relations between the two countries.
On the security note, the minister stated that the situation of central and southern Iraq is improvised a lot. Security situation in the country is better than before.
[You must be registered and logged in to see this link.]