Sunday, October 09, 2005

Iraqi Minister Says July Saw "Largest Ever Oil Revenues"

Al-Iraqiyah TV at 0728 gmt on 9 August carries live from Baghdad a 30-minute news conference by Iraqi Oil Minister Ibrahim Bahr al- Ulum to unidentified correspondents.

At the beginning of the news conference, the minister makes a statement on the Oil Ministry "recent achievements".

The minister says: "The ministry drew up effective plans commensurate with the size of the challenges that are facing the oil sector. This is a vital sector on which the state budget basically depends, taking into account the top priority of the phase in which we are living and the need to provide oil byproducts to the citizens.

"In general, it would be useful to mention figures that reflect the Ministry's plan. In the field of crude exports, the Oil Ministry has been able to raise the level of the export operations, reaching about 1.6 million barrels per day [bpd] from the Iraqi ports for last month. If we compare this with the daily exports in June, which was 1.44 bpd, and in May, during which the daily exports were 1.38 bpd, we will find that the Oil Ministry has been able to carry out the 100-day plan; namely, the expansion of the oil export capacity.

"It is also useful to recall that the Iraqi revenues for July were probably the largest in the history of the Iraqi oil industry. The revenues during July amounted to 2.5bn dollars. Furthermore, the Oil Ministry aspires to promote this plan further to reach the level that we reached during the first half of last year.

"Moreover, it is also useful to review the operations of the Iraqi refineries because this is of direct interest to the citizen. Perhaps we can indicate the increase in oil byproducts in our Iraqi refineries in the north, in the centre, and in the south. The average increase in the production of liquefied Gas and gasoline was between seven and 10 per cent. As for gas oil and paraffin, the increase in July was between 18 and 20 per cent. Perhaps if we look at some useful figures of Gasoline production in our refineries, we will find that in May it was 9.6 million litres per day. It increased to 10.25 million litres in June and 11 million litres per day in July. By solving the problems of the congestions and the problems that our refineries are facing, we hope to increase the production of gasoline to 13 million litres per day by the end of this month.

"The Central Committee, which was forced in the Oil Ministry two months ago to deal with this congestion, hopes production would go as high as 14 million litres per day by the end of October.

Read the rest here.

Regards,

Marcel Heersema
Iraqi Dinar Opportunity

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