«BBC»» CNN NBC»: an oil Alliance to develop Rumaila

South Africa is looking to buy Iraqi crude

Baghdad: new morning:

Oil industry sources said Friday that the BBC CBS NBC they will uncover Chinese next week about a strategic alliance to develop oil resources in Iraq and elsewhere.
Aim of the agreement will be one of several major agreements will be signed during the visit of Chinese President XI Jinping to London to promote cooperation between the two companies in Iraq, where oil giant Rumaila field developments.

According to the BBC website on the Internet the Rumaila field in southern Iraq is the second largest oil field in the world production amounted to 1.34 million barrels per day in 2014.
The sources said that the two companies will seek to expand to enter into new joint projects in other parts of the world. They are not expected to include specific targets for production and investment.
And China National Petroleum Corporation (NBC) is the largest state-owned oil producer in Asia, the group parent company of Petro China.
Meanwhile, the official said Friday that South Africa's strategic fuel Fund seeks to import 24 million barrels of oil per year from Iraq to strengthen its reserves and this will be the first crude imports from Iraq to South Africa more than 10 years ago.
South Africa did not import oil from Iraq since 2003.

He said Sibusiso gimd, the Acting Chief Executive of the strategic fuel Fund «strategic fuel Fund submitted a request for marketing oil (SOMO) in order to get a share in the context of securing supplies and wait for reply Sumo».
He added in comments to Reuters, '' We look forward to two million barrels per month up to 24 million barrels a year.

According to a senior Iraqi diplomat in Pretoria, South Africa were looking to get much larger, although analysts doubt the quantities listed.
The Iraqi diplomat said that the «Sumo» is also considering two separate private companies for a total amount of 24 million barrels of oil per year to be used for supplying refineries in South Africa and the region of the Southern African Development Community (SADC).

And the diversity of South Africa sources of crude oil since the imposition of the European Union and United States sanctions on Iran, which was the largest supplier has in the past.
Pretoria said it would resume imports of oil from Iran if sanctions were lifted.
Iraq's exports will rise from extracted oil from the southern fields rose slightly to around 3.25 million barrels a day in 2016, said the head of the South oil company last month as the country is struggling to boost production in the face of a sharp fall in crude prices.
At the local level also, the Chamber confirmed the petroleum contracts and licenses of the Ministry of oil production from the well as a Rainbow in the exploratory area No. 9 in Basrah governorate.

And the Director General of the Department Abdul-Mahdi replied that the production process started in Rainbow 1 5 thousand barrels a day and hoped to increase production levels in the well to reach 20,000 barrels per day in the near future.

The Ministry said it was seeking to increase the production and export capacities of crude oil as positively on revenue generated.
Mentioned that coalition Kuwait energy company Lukoil wedrakon won the ninth exploratory area rehabilitation took place in qualification contract amendments on 30 September where she bought the Egyptian petroleum 10% share of Kuwait energy.