Iraq needs to buy tankers to boost oil exports: minister
Iraq needs to intensify plans to buy oil tankers to boost crude exports and increase the country’s revenues, Oil Minister Bassim Khudair has said. Earlier this month, Khudair said the ministry was considering buying 10 supertankers at an estimated cost of $2 billion, with financing options under review. The minister said Iraq had achieved strong ...
Iraq's Oil Minister Bassim Khudair has emphasized the necessity for the country to intensify its efforts in purchasing oil tankers to enhance crude exports and subsequently boost the nation's revenue. In a recent statement, Khudair proposed the acquisition of approximately 10 supertankers, valued at around $2 billion, with various financing options currently under consideration.
The minister highlighted that Iraq had recorded impressive export figures in September and October, maintaining export rates similar to those seen prior to the Hormuz crisis. In October, crude exports had surpassed 3.4 million barrels per day (bpd), flowing through the Strait of Hormuz, Turkey's Ceyhan port, and tanker trucks originating from Syria.
Khudair further advocated for the rehabilitation of oil wells, an increase in production, and proper adherence to contractual obligations by companies operating Iraqi oil fields. He instructed officials to maintain aging refineries, expand strategic fuel reserves, and advance projects aimed at capturing associated gas and developing gas fields.
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