Shell plans to increase its gas production in Iraq

Shell logo

Economy News Baghdad:

The company is fully committed to its joint gas project in Iraq after the giant energy company exits its oil assets in the OPEC member country and plans to increase its gas production there to 1.4 billion cubic feet per day (2020), a Shell executive said .

Iraqi gas development plans have long been focused on Basrah, a $ 17 billion 25-year-old project in which Iraq owns 51 percent, Shell 44 percent and Japan’s Mitsubishi Corp. 5 percent. The project aims to collect gas from the fields in the south of the country, including the West Qurna-1 field operated by ExxonMobil, the Zubair field run by Eni of Italy and the Rumaila field developed by BP .

Gas production from the joint venture, the main fuel producer in southern Iraq, currently stands at 938 million cubic feet per day (bpd), with plans for further expansion, said Fritz Kallab, director general of Basrah gas .

“Since 2013 (when it started operating), we have increased the processing capacity more than three times,” Kallab said in a telephone interview from Basra .

“We will move to something called BNGL, or the expansion of Basra NGL (natural gas liquids), which will actually push us from 1 billion cubic feet per day to 1.4 billion cubic feet per day through two units of 200 million feet Standard cubic meter daily . ”

He said he expected the two units to be operational by the end of 2020. He added that the number of units could be more than five with the final investment decision taken towards the end of the year .

“That is an increase of about 40 percent, and it will be huge .”

Iraq’s production of associated gas is expected to grow as the country increases its oil production capacity. Iraq plans to increase the country’s production capacity of crude oil to 6.5 million bpd by 2022


Communications intends to provide Iraqi universities with Internet services

Economy News Baghdad

The Ministry of Communications announced on Monday its intention to provide free internet service in Iraqi universities spread throughout the provinces.
In a statement received by “Economy News”, Hazem Mohammed Ali, the ministry’s spokesman, said that “the ministry is seeking to provide free internet service to Iraqi universities through the use of modern and advanced technologies using Wi-Fi,” adding that “the aim is to upgrade Internet services Providing students and professors with high-quality devices and systems to provide this service. ”
He stressed that the ministry “provides its full support for the deployment of such services of great quality by its partner companies and the Internet for all segments of Iraqi society.”
He pointed out that “these acts come in accordance with the directives of Minister of Communications Hassan Kazem Al-Rashed to provide universities, colleges and citizens in all governorates of the country with the services of communications and information technology.”

Source reveals the closure of border crossings between Kurdistan and Iran and reason ..

BAGHDAD / Al-Ghad Press:

A source familiar with the border crossings in the region, on Monday, the closure of border crossings between Iran and the region.

“The Iranian government will close the border crossings between it and the Kurdistan region,” the source said. “The closure will take place at 12 pm on May 11 and opens at 12 pm on May 12.”

“The closure will be in the rivalries of Pervez Khan, Pashtah and Bashmag,” he said. “This notification came because of the elections, so the flow of passengers and the passage of goods depends on this period.”

The Central Bank decides to increase the monetary share of banks and financial transfer companies and exchange participating in the sale window of the currency



Economy News Baghdad:

The Central Bank of Iraq decided to increase the monetary share of banks and financial transfer companies participating in the window selling the currency.

The Central Bank of Iraq in a letter addressed to banks and financial transfer companies and exchange companies, and carried the signature of the Deputy Governor Monther Sheikhli, and obtained by the “economy News”, “On the occasion of the month of Ramadan decided to increase the weekly cash quota of banks to be 300 thousand dollars a week instead of 270 thousand Dollars and exchange companies $ 130 thousand a week instead of $ 100 thousand dollars and you will decide to sell $ 300 thousand a week to the financial transfer companies in cash.

Views 5   Date Added 07/05/2018

US newspaper: Abadi is weak leader and America wants to win the election



Media treasures / Baghdad ..

The Washington Post reported on Monday that there was an American desire for the victory of Prime Minister Haider al-Abadi in the upcoming parliamentary elections, pointing out that Abbadi was once considered a weak and insignificant leader.

“Ebadi’s electoral power and his list in Mosul, Iraq’s second largest city, confirm his popularity throughout the country and bode well for his reelection, which US officials have repeatedly indicated they want to see,” the report said.

“Abadi, once considered a weak and unpopular leader, rose to power in the midst of raids that have invaded almost a third of Iraq and are campaigning for a national unity message in the hope of breaking the sectarian fighting that has characterized Iraqi politics since the overthrow of the United States. Saddam Hussein in 2003 “.

“One thing we see consistently is that Prime Minister Abbadi enjoys a more balanced degree of support in all regions and across all ethnic and sectarian groups,” the newspaper quoted a senior US official as saying. “His position is that he will be more successful with a larger group of Electoral districts compared to many of his opponents “,15700023,15700043,15700124,15700149,15700168,15700173,15700186,15700189,15700201&usg=ALkJrhgak4ockKHxjXNBQU_aVHuDAcZA9g

Oil rises to highest level since 2014


Date of release: 2018/5/7 9:47 • 362 times read
[Oan- Baghdad]
US crude oil prices rose above $ 70 a barrel on Monday for the first time since November 2014 , while Brent crude jumped to a new high level with the worsening economic crisis in Venezuela , which threatens the country ‘s already low supply.
There is growing concern that a decision on whether the United States will withdraw from the nuclear deal with Iran and impose sanctions on Tehran is on the horizon.
By 0416 GMT, Brent crude futures were up $ 75.71 a barrel, up 84 cents, or 1.12 percent, compared with the previous close, having jumped to $ 75.89 a barrel earlier in the session, the highest level since November 2014
. US WTI crude futures traded 66 cents, or 0.95 percent, at $ 70.39 a barrel.
“Crude oil prices have risen because concerns over the impact of the US withdrawal from the nuclear deal with Iran are still driving investor sentiment,” ANZ Bank said on Monday.
“The big story this week about oil and the nuclear deal, we know President Trump does not like,” said Greg McKenna, chief market analyst at AxiTrader Futures Brokerage,
adding: “Overall, expectations based on oil price movements suggest that President Trump will withdraw ”
Iran has returned one of the biggest oil exporters in 2016 after lifting sanctions against it in return for curbing its nuclear program,
but the United States has since expressed doubts about Iran’s sincerity in implementing the deal.
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