عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Iraqi Oil Minister Supports Output Increase Projects

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)
TT
20
TT

Iraqi Oil Minister Supports Output Increase Projects

A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)
A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. (Reuters)

Iraq’s Oil Minister Ihsan Abdul Jabbar expressed keenness to implement sustainability projects and increase the output of crude oil and gas at the oilfields of North Oil Company in Kirkuk, 250 km to the north of Baghdad.

During his visit to the company’s headquarters on Sunday, he stated that the government and the ministry are determined to boost the production at the company.

The Ministry aims to address technical, economic and security challenges in an expedited manner.

It also seeks to increase and sustain production based on national efforts as well as cooperation with global firms.

Jabbar called for fast-forwarding the implementation of optimal gas investment and output increase projects.

He discussed with senior officials at the company ways to develop output and optimize the investment of flare gas. They further addressed efforts to supply power stations with sufficient quantities of dry gas.

"The administration of the Basra and the south oil companies and the relevant departments in the Ministry are putting the final touches to the proposed project scheduled to be signed in the upcoming period," a statement of the Ministry of Oil said on June 19.

Jabbar, said: "These projects are a priority in the Ministry's plans for an optimal investment of flared gas and upholding the infrastructure."

He urged oil companies to intensify meetings and talks regarding the technical, financial, legal, economic, and contractual aspects with the national companies and relevant departments and experts.

The purpose behind this is to reach the ideal drafting of contracts and agreements with international companies and therefore obtain the highest profit to Iraq.

Most Viewed

 
Business

Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
TT
20
TT

Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."