Iran Economy NewsIran to supply Iraq 1.5 million liters of gasoil...

Iran to supply Iraq 1.5 million liters of gasoil a day for power

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Bloomberg: Iran agreed to supply 1.5 million liters, or 9,400 barrels, of gasoil a day to Iraq over 12 months for power generation, said Masaab Serri, a spokesman for the Iraqi Electricity Ministry.

Bloomberg

By Kadhim Ajrash

Iran agreed to supply 1.5 million liters, or 9,400 barrels, of gasoil a day to Iraq over 12 months for power generation, said Masaab Serri, a spokesman for the Iraqi Electricity Ministry.

The fuel will enable power plants to generate 250 megawatts, according to the agreement signed by officials from the neighboring countries in Baghdad today, Serri said in a telephone interview. The gasoil will be transported by trucks and sold at international prices, he said.

Iraq, holder of the world’s fifth-largest crude reserves, is seeking fuel to meet domestic demand. The nation’s refineries in Baghdad’s Dora district, in the southern region of Basra and in the northern city of Baiji have a combined capacity of about 700,000 barrels a day. In practice, they process less crude than that because of wartime damage and are unable to meet domestic demand of about 600,000 barrels a day, according to a U.S. Energy Department report.

The country is trying to rebuild its oil industry after years of conflict and limited investment reduced output and efficiency. Iraq has signed 15 gas and oil licenses since the 2003 U.S.-led invasion that ousted the regime of former President Saddam Hussein. Crude exports from the semi-autonomous Kurdish region resumed last month.

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