The New Refineries Stop Iraq's Import Of Diesel.. Has The Purchase Of Gasoline Increased In Return?
Economy 05-17-2024, 19:00 |Baghdad today - follow-up Commercial data revealed that Iraq stopped importing “diesel” or “kerosene” according to long-term contracts, due to achieving sufficiency as a result of the development of refineries.
However, the data indicated an increase in the import of gasoline according to futures contracts for this year compared to last year, in contrast to the Ministry’s data.
Oil imports decreased by 8 million barrels per day after the opening of the Karbala refinery, it says.
According to a report published by Bloomberg and followed by “Baghdad Today,”
Iraq suspended diesel import contracts after the modernization of some refineries contributed to enhancing local production, which put the country on the path to achieving self-sufficiency in fuel, as
Iraq ended purchase deals at the end of last year and did not buy fuel. Under long-term contracts so far in 2024, according to traders participating in the market.
Market data provider Vortexa indicated that the country had purchased three shipments of diesel this year, but traders said they were spot shipments.
Fixed Term Deals
However, Iraq is still buying gasoline under fixed-term deals, according to traders who requested anonymity because the information is not public, according to Bloomberg.
The country aims to stop imports of fuel used to operate cars as soon as this year.
Hamed Younis, Undersecretary of the Ministry of Oil for Refining Affairs, said last February that the country is working to renovate the refineries that were damaged during two decades of war, with the North Refinery restarting in 2024, with other refineries to follow.
Benzene
Iraq imported 2.83 million barrels of diesel last year, or about 7,800 barrels per day, according to Vortexa.
It also held a tender to purchase about 55,000 barrels per day of gasoline on average until the end of this year, according to traders, and
this represents an increase from about 43,000 barrels. of seaborne gasoline was saved daily on average last year, according to Vortexa.
Baghdad buys gasoline from the trading units of Saudi Aramco, Reliance Industries, and Omani state energy company OQ, among other companies, according to traders and Vortexa ship-tracking data.
Traders said that these companies supply under long-term contracts, which Iraq continued this year.
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