Why Baiji Refinery needs Heavy Amounts of Money for Restoration?: Iraqi Oil Minister

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New Law of Oil & Gas

The Iraqi Oil Minister Adel Abdul Mehdi issued a statement that Baiji refinery needs a heavy amount of money for restoration and reintegration. Point to be noted that Iraqi oil sector is still showing a huge loss at Baiji refinery.

This refinery is alone serving at least half of the Iraqi oil products. The Sharqat oil refinery in TalAfar was also participating productively but now a heavy destruction of oil pipelines is decreasing their performance.

Abdul Mehdi further added in his press statement in Dhi Qar province that fourth meeting of collaboration with other provinces held to debate the powers of oil wealth management. The Iraqi oil sector showed massive loss and we don’t have the correct figures, so our technicians and experts should evaluate to estimate the correct cost for restoration on our affected sites. These sites must be reconstructed and restored though it needs a heavy amount for this operation and perfect estimation would be more beneficial to empower our oil sector in the country.

Abdul Mehdi further added that it would boost up our oil sector to increase our oil production in the region. Our southern ports operating with some local and foreign companies are now producing at least 3.8 million barrels oil per day, but it is close to the amount that was recorded earlier in the seventies. He also pointed out that our southern ports except the Turkish port of Ceyhan is producing at least 3 million barrels oil per day since June last year.

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