Iraq is moving to buy the Samir refinery in Morocco in an initiative to ensure new capacity installed in the long-term expansion of oil production.
The lawyer chosen by the Petroleum Ministry to oversee the agreement, Jacquelin Oultremont, reported that an Iraqi delegation will visit the refinery this week. According to him, the purpose of the visit is to assess Samir's technical and financial conditions.
Iraq's oil production is currently limited by a reduction agreement made between the countries of the Organization of Petroleum Exporting Countries (OPEC) in an attempt to reduce the worldwide supply surplus. Baghdad plans to increase its productive capacity by 1,750,000 barrels per day until 2022 after the end of the agreement.
As an oil producer that grows faster in the Middle East, Iraq has established ties with operators and refineries while trying to compete in the market with Saudi Arabia, Russia and the USA. Source: Dow Jones newswires.
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