Common Contracts
2 similar null contracts
Loan Agreement: August 16, 2023August 17th, 2023
The oil sector is the largest industry, accounting for 38.9% of the GDP and 94.9% of the government revenue, and the single most important source of foreign exchange earnings in Iraq (IMF). The country has proven crude oil reserves of 145 billion barrels, making it fifth in the world. Its crude oil production reached 3.97 million barrels per day (BPD) (OPEC) in 2021 and is projected to further increase. Regarding Iraq's petroleum refining sector, the existing 14 refineries have suffered significantly falls in their capacity due to wartime damage and deterioration over years of service. In addition, the Baiji Refinery, a major refinery in northern Iraq, was suspended due to the activities by Islamic State in Iraq and the Levant (ISIL) since June 2014. Due to this situation, Iraq's refining capacity is limited at approximately 1,120,000 BPD (OPEC). These factors have led to huge supply-demand imbalances in the consumer petroleum product markets. For example, the domestic supply-demand ga
Loan Agreement: October β, 2021October 5th, 2021
The oil sector is the largest industry, accounting for 43% of the GDP and 92% of the government revenue, and the single most important source of foreign exchange earnings in Iraq (World Bank). The country has proven crude oil reserves of 145 billion barrels, making it fifth in the world. Its crude oil production reached 4.58 million barrels per day (BPD) (OPEC) in 2019 and is projected to further increase. Regarding Iraq's petroleum refining sector, the existing 14 refineries have suffered significantly falls in their capacity due to wartime damage and deterioration over years of service. In addition, the Baiji Refinery, a major refinery in northern Iraq, was suspended due to the activities by Islamic State in Iraq and the Levant (ISIL) since June 2014. Due to this situation, Iraq's refining capacity is limited at approximately 760,000 BPD (OPEC). These factors have led to huge supply-demand imbalances in the consumer petroleum product markets. For example, the domestic supply-demand g
