Iraq starts to exports 700,000 barrels of oil daily
Iraq, Economics, 8/8/2003

The Iraqi in charge of running the Iraqi oil ministry, Thamer Ghadbam, announced yesterday that Iraq has started the process of exporting an amount of 700,000 barrels of crude oil daily from the south after it had signed several long term oil contracts with several international oil companies.

In a press conference he held in Baghdad, Ghadban added "we have finalized contracts with several international oil companies and were careful to have these companies having refineries so as to increase our financial revenues."

He outlined contracts signed with Spanish, Chinese, Japanese, French and Canadian oil companies, noting that more oil contracts will be signed by Iraq shortly.

On whether Iraq has started exporting oil for these companies, Ghadban said "we are exporting the crude Iraqi oil." He stressed that no Russian company succeeded in getting the contracts which were finalized based on best price offers. He said that exports will take place in the south and at 700,000 barrels of oil per day.

Ghadban on the other hand stressed the ministry's three main objectives "to reach an average production of crude oil of 1.5 million barrels of oil daily in October; reaching a production average of 2 million barrels of oil daily by the end of the current year, while the third objective is to reach a daily production of 2.800 million barrels of oil by the end of March 2004, when the maximum production capacity will be around 3 million barrels of oil daily." The same amount Iraq used to produce before the eruption of war on Iraq on March 20th.

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