There are three key reasons why the development of a world-class petrochemicals (petchems) sector is vital to Iraq’s future.
First, its heavy reliance on crude oil exports makes it extremely financially vulnerable both to downturns in the oil price and to the political whims of its fellow OPEC members, especially Saudi Arabia. Second, plain crude oil exports, particularly in the depressed pricing environment that is likely to endure for some time, do not provide the much higher export value that petchems do. Third, Iraq has the natural resources of both oil and gas that can make it a world leader in the petchems sector.
11 hours North Sea Oil Floating Off Europe Could Signal Weak Asian Demand 13 hours OPEC Head: Global Oil Inventories Will Continue To Draw Down 16 hours Scientists Find Cheap And Easy Way To Extract Lithium From Seawater 17 hours EU Approves $21B Green Transition Fund 19 hours Renewables Was Sole U.S. Energy Source With Rising Consumption In 2020 4 days Russia Claims Its Compliance With OPEC+ Cuts Was Almost 100% In May 4 days Peak Oil Demand May Be Ten Years Away 4 days Uganda Picks Four Firms For New Oil Exploration Round 4 days U.S. Natural Gas Storage Capacity Hardly Increased Since Start Of Shale Boom 4 days
Chinese firm Sinopec wins contract to develop Iraqi gas field: Beijing
ERBIL (Kurdistan 24) – The Ministry of Oil in Beijing said on Tuesday that the Chinese company Sinopec has just won a contract to develop Iraq s Mansouriya gas field, located in central Diyala province.
In a ministry statement quoted by Reuters, the ministry explained that Sinopec scored the deal during a recent round of bidding held at Iraq s Ministry of Oil in Baghdad.
The gas obtained from the field, located in the town of al-Mansouriya, will reportedly be used to feed power stations in Diyala and the neighboring capital province of Baghdad.
Total signs 1GW Iraq solar deal pv-tech.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pv-tech.org Daily Mail and Mail on Sunday newspapers.