Iraq’s first-ever export of gas from its southern oilfields will add a new source of export revenue to the struggling government’s coffers.
The Basra Gas Company (BGC), a partnership between Iraq’s South Gas Company and Royal Dutch Shell, confirmed yesterday that it had exported the first cargo of associated gas condensate from its much-delayed project near the southern port city of Basra on Sunday.
“This first condensate cargo leaving BGC’s marine terminal ... opens up a new revenue stream for the country at a time of real need,” said the deputy minister of oil for gas affairs, Hamid Younis.
The US$17 billion project to gather, process and sell gas that was otherwise being flared at the three major oilfields – Rumaila, Zubair and West Qurna – was signed in 2011. It is the largest gas flare-reduction project in the world.
“Within the challenging economic climate the country finds itself in, we believe that starting up a project that sells domestic products that diversifies the country’s revenue is an important achievement for Iraq and BGC,” Shell’s Dubai-based spokesman for the region said.
BGC is a 25-year project in which the Iraq government’s Southern Gas Company has a 51 per cent stake, Shell 44 per cent and Japan’s Mitsubishi the remaining 5 per cent.
BGC is a midstream company, which means it takes the processed gas from the oilfields and turns it into products such as dry gas for electricity, bottled liquefied petroleum gas for use in homes and businesses, and condensate.
The condensate cargo of 10,000 square metres was sold in such a manner that it can change buyers before it is delivered – it likely will end up in a GCC country, the Shell spokesman said, declining to say the price at which it was sold.
Reuters, however, reported that the cargo was heading to Fujairah.
Iraq has been struggling to meet its oil and gas industry goals amid ongoing war, internal budget disputes and the collapse in world oil prices.
Despite having natural gas reserves of about 112 trillion cubic feet – the 12th largest in the world – Iraq recently negotiated to start importing gas from neighbouring Iran, which itself had struggled to meet its own domestic gas needs while sanctions were imposed.
Iran expects to start exporting gas to Iraq this summer, supplying 25 million to 35 million cubic metres a day of gas to the Sadr, Baghdad and Al Mansouryah power plants through a 270-kilometre pipeline.
The gas produced by BCG depends on the level of oil produced, and Iraq output growth has tailed off as it struggles to attract investment. Iraq last month said it exported an average of just over 3.2 million barrels per day, well below budgeted levels of 3.6 million bpd.
Iraq’s budget this year was based on oil prices averaging $45 per barrel, but last month’s realised price was closer to $23 per barrel.
The government has had to look for ways to meet a projected $20bn budget shortfall this year, including seeking loans.
amcauley@thenational.ae
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COMPANY%20PROFILE
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Company%20profile
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Sunday's fixtures
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
Turkish Ladies
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
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