Page 15 - DMEA Week 10 2023

DMEA NEWS IN BRIEF DMEA

world. It is also the first major commercial European and international standards, noting generating exports, he added.
deployment of Aramco’s thermal crude to that Kuwait will always remain a safe supplier However, as with many Iranian projects, its
chemicals technology, that was developed in to global energy markets. The Director of the launch has been hampered by sanctions, with
collaboration with Lummus Technology. KPC European Regional Office in London, Pars Oil & Gas Co. (POGC) saying in 2019
ARAMCO Nagham Al-Omar, had made all arrangements that it would soon be initiated, noting that the
for delegations and a reception for Kuwait’s 14B platform was ready to be connected.
KPC sees fierce competition international customers during the annual that this Persian calendar year (ends March
Iran’s Oil Minister Javad Oji reportedly said
meeting.
for Kuwait oil contracts ARAB TIMES 20), the country has produced the highest
amount of condensates ever and claimed that
The Kuwait Petroleum Corporation is at the Iran inaugurates South Pars the FX earnings in the Iranian oil industry
center of fierce competition from international were higher than the country’s hard currency
companies which are competing to obtain oil phase 14 refinery needs.
agreements to ensure access to oil derivatives Raisi is scheduled to open further projects
from the Al-Zour refinery, which is expected Iran on March 2 inaugurated Phase 14 of the along the Persian Gulf coast, including water
to enter service in its three phases by May or giant South Pars gas field during a ceremony desalination plants, water transfer systems and
June of this year, reports Al-Rai daily. attended by President Ebrahim Raisi. housing projects.
High-level oil sources told the daily that The homegrown project in the Persian Gulf Iran has around 34tn cubic metres
Kuwait is on the road to restoring its natural is to produce a daily output of 50mn cubic of proved natural gas reserves, with the
position in the global markets in a greater metres (mcm) of sweet gas, 400 tonnes of supergiant South Pars accounting for
way and with a strategic weight, as part of the sulphur and 75,000 barrels of gas condensates. around 14tcm as well as 18bn barrels of gas
tremendous efforts undertaken by the global The phase is also expected to produce 1mn condensates.
marketing sector, the KPC, pointing out that tonnes of ethane as petrochemical feedstock The Islamic republic holds a 3,700 square
KPC revealed during the annual reception of and 1mn tonnes of liquefied petroleum km portion of the 9,700 square km deposit
its customers in a ‘IE WEEK’ in the British gas (LPG) per annum. Officials anticipate that is shared with Qatar, where it is known as
capital, London, during which it announced yearly earnings from Phase 14 will reach the North Dome field.
its preparation to distribute the output around $3.5bn. Around $3bn was invested in NEWSBASE
shares of Al-Zour refinery, amounting to 615 establishing the phase’s refinery, according to
thousand barrels of oil per day, other than officials.
intermediate products, after completing the Raisi talked of Phase 14 of South Pars-
internal needs. the world’s largest natural gas field-as an
The sources pointed out that the global embodiment of Iran’s self-sufficiency in the
market is interested in the products of Al- face of sanctions, according to local reports.
Zour Refinery, especially as it conforms to It would play an important role in FX-

Week 10 09•March•2023 www. NEWSBASE .com P15