Iraq Plans to Increase Oil Production to Over 5 Mln bpd

An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
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Iraq Plans to Increase Oil Production to Over 5 Mln bpd

An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)
An oil field in Dibis area on the outskirts of Kirkuk, Iraq (File Photo: Reuters)

The Iraqi Parliamentary Oil and Gas Committee announced that the government had made plans to increase oil production to more than 5 million barrels per day (bpd).
Member of the committee, MP Zeinab Juma al-Mousawi, told the Iraqi News Agency (INA) that they support the government's directions to increase oil and gas reserves and national production of crude oil and gas.
Mousawi noted that the committee also backs processing the gas associated with oil operations and converting it into wealth and productive energy that covers the local need, especially electric power plants, the petrochemical industry, fertilizers, and others.
It called upon foreign companies to export the surplus to world markets to achieve financial revenues that supply the state treasury to support the national economy and sustainable development and provide new job opportunities.
Mousawi reiterated the need to pay attention to the fields managed by national companies to create competition with international companies and increase the net profits of national companies.

She pointed out that Iraqi oil is one of the most imported oils to countries such as India, China, and South Korea, with 54 percent of the Iraqi oil since the beginning of the year.
The lawmaker indicated that Iraq achieves billions of dollars from oil sales, contributing to the country's general budget in investment and operational fields.
Meanwhile, the Iraqi oil minister announced that crude oil exports averaged 3.3 million bpd in May.
The ministry said Iraq's May oil revenue was $7.3 billion, with an average price per barrel of $71.30.
Notably, Iraq's exports from the country's northern fields in Kurdistan and Kirkuk via Türkiye’s Ceyhan have been suspended for about four months.
Baghdad has won an international arbitration case to halt oil exports from the semi-autonomous Kurdish region, limiting Iraq's oil exports to the Oil Marketing Company (SOMO).
Iraq's oil exports to the United States amounted to about 7.5 million barrels in June.
On Sunday, Shafaq News reported that Iraq exported 7.5 million barrels of crude oil to the US during June, with an average of 250,000 bpd.
The figure marked an increase compared to May, during which Iraqi oil exports to the US amounted to 6.634 million barrels, averaging 214,000 bpd.
According to the agency, Iraq exported crude oil to the US during the first week of last month at an average of 430,000 barrels per day, while it exported an average of 252,000 in the second week and an average of 102,000 barrels per day in the third week. The standard of exports for the fourth week was 1,000 barrels per day.

 



Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.