Al-Ghadhban: Iraq is Keen on World Oil Market Stability

Baghdad, INA Iraqi Oil Minister, Mr. Thamir al-Ghadhban, confirmed on Wednesday that Iraq will be very keen on the stability of world oil markets, suggesting that his ministry will turn special attention towards Basra governorate in order to resolve its problems. During the hand over celebration, in which Oil Minister Thamir al-Ghadhban received the Ministerial portfolio from the former oil minister, Mr. Jabbar Luaibi, Ghdhban said that Iraq will be highly concerned about the stability of oil markets in cooperation with OPEC member states as well as other outside countries. He added: “The ministry will be working hard on developing the international relations, especially within the OPEC organization.” pointing out that he “will give his support to the works of international oil companies.” Ghadhban emphasized too his keenness on caring for Basra and participate in solving the problems its people suffer from. On his part former oil minister, Mr. Luaibi, said that the oil ministry has succeeded in achieving a 40 % rise in production levels of associating gas, and that a plan has been set for the year 2020 to turn all associating gas into processing instead of burning it. Mr. Luaibi added too that the oil Ministry has managed great achievements through the last two years, where the rise in average production exceeded 550,000 barrels a day, pointing out that the ministry has succeeded in upgrading free gas in Almansoria fields after providing the suitable environment and is preparing it for production in the next year.