Iran Seeks to Double Trade with Iraq by Expanding Energy Ties
CEO of Iran Gas Engineering and Development Company (IGEDC) Reza Noshadi announced the company's preparedness to participate in Iraq's oil and gas projects.
He added that Iran enjoys the largest gas network in the world and the huge investment of the National Gas Company of Iran in the development of the sixth national gas pipeline from Iran's Asalouyeh to Iraq's Eastern border shows that Tehran is determined to expand ties with Baghdad.
According to Noshadi, Iran's oil industry and expansion of energy ties with Iraq can increase the volume of the two countries’ trade to twice the current amount.
Earlier in November, Iraqi Oil Minister Hayan Abdul-Ghani confirmed the ministry's endeavor to raise the refining capacity of the South Refineries Company to 350,000 barrels per day.
"The Oil Ministry is keen to raise the rates of refining capacity of the South Refineries Company to 350,000 barrels per day, within the framework of its interest in the liquidation sector, which is more important than other oil sectors because of its importance in the lives of citizens, and an important factor in providing their main needs through the production and refining of petroleum products and securing local consumption in order to achieve the goal of self-sufficiency,” Abdul Ghani said during his visit to the South Refineries Company.
He pointed out that the ministry has provided great support to the development of Southern refineries by sponsoring projects to increase production and improve its quality in accordance with international standards and specifications".
Abdul Ghani said that the refineries are witnessing implementation of the FCC project in cooperation with a Japanese company with a production capacity of 55,000 barrels per day and after its completion it will be considered as one of the most modern facilities that convert waste and black oil into white products through a modern technology called FCC catalytic refining, and it is one of the largest and promising projects in the refinery sector in Iraq”.
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