Iraq to Build 5 New Refineries With 790,000 bpd Capacity

Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)
Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)
TT

Iraq to Build 5 New Refineries With 790,000 bpd Capacity

Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)
Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq (File photo: Reuters)

The Iraqi Ministry of Oil has announced its intention to select a number of specialized international investment companies to build five new refineries around the country.

The ministry's official, Hamid al-Zobaie, said in a press statement there is a plan to build five refineries across the country through investment and various refining cards, pointing out that the ministry is currently seeking fitted companies to build these refineries.

Zobaie added that qualification and selection processes are to study technical and financial capabilities of the companies, especially that the construction of the refinery requires up to $3 billion. Applying companies must also commit to the deadlines and ensure completion of construction within the schedule.

The official listed the refineries that will be referred to investment: Kirkuk with a capacity of 70,000 barrels per day (bpd), Wasit capacity of 140,000 bpd, Nasiriyah capacity of 140,000 bpd, Basra card 140,000 bpd, and al-Faw capacity of 300,000 bpd.

The ministry is financing Karbala refinery which is about 78 percent completed, and once it is fully constructed, it will provide about 9 million liters per day of high-quality gasoline, in addition to various oil derivatives in accordance with international standards.

Rehabilitation and development operations of refineries are done by Iraqi staff, noted the official, who added that the cost of refinery rehabilitation is much lower than its construction.

The Ministry of Oil has prepared a plan to add fluid catalytic cracking (FCC) units used in petroleum refineries which are used to convert petroleum crude oils into more valuable gasoline.



Saudi Oil Giant Aramco Posts Third-Quarter Profits of $27.5 Billion

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
TT

Saudi Oil Giant Aramco Posts Third-Quarter Profits of $27.5 Billion

The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)
The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France, February 1, 2024. (Reuters)

Saudi Arabian oil giant Aramco reported third-quarter profits of $27.5 billion on Tuesday, down about 15% from last year as low oil prices ate into its revenues.

Aramco had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year.

Profits for the third quarter last year were $32.5 billion.

The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said.

Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before.

Oil prices have been depressed over recent days as tensions in the Middle East appear to have receded slightly and as China's economy has slowed. Benchmark Brent crude traded Tuesday at around $75 a barrel.

Aramco will pay dividends of $20.28 billion for the third quarter and a performance-linked dividend of $10.77 billion, the company said. It has said it hopes its overall dividend for the year will be over $124 billion.