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New Iraqi NOC aims to produce 7 mbpd

ERBIL: Iraq is seeking to produce 7 million barrels of oil per day (mbpd) through its newly established National Oil Company and to export 4 mbpd in 2019, Oil Minister Jabar Al Luaibi said.

In an interview with state television, Luaibi said Iraq hoped to export 1 mbpd through Jordan’s Akaba port, without specifying a timeline. The burning of gas produced as a byproduct of oil extraction would stop by 2021, he said.

The northern refinery of Baiji was brought back online and is producing 70,000 bpd, Luaibi added.

Iraq resumes Basra oil sales on DME

SINGAPORE: Iraq’s state oil marketer Somo resumed Basra crude oil sales via the Dubai Mercantile Exchange (DME), the exchange said in a statement.

SOMO sold 2 million barrels of Basra Light crude for loading on November 16-17 at 20 cents a barrel above the oil’s official selling price, DME said.

Trade sources said China’s Unipec won the auction.

The second and third highest bids from the 18 companies that participated in the auction were at premiums of 19 cents and 15 cents, respectively, DME said.

The buyer has the option of sending the cargo to Europe or Asia, the exchange said.

Somo last sold Basra Light through the DME in January, offering a cargo for March loading. The company then halted sales because it did not have excess oil to offer in the spot market.

Exxon resumes Baytown FCCU

HOUSTON: ExxonMobil Corp returned the small gasoline-producing fluidic catalytic cracking unit (FCCU) to normal operation at its 560,500 barrel per day (bpd) Baytown, Texas, refinery, said sources familiar with plant operations.

Exxon spokeswoman Sarah Nordin said an event was ongoing at the Baytown refinery, but had only minimal impact on production. She did not identify the unit involved in the event.

The 90,000 bpd FCCU 2 at the Baytown refinery malfunctioned, but the unit was returned to stable operation within a few hours, the sources said.

FCCU 2 uses catalyst under high heat and pressure to convert gas oil to gasoline. There are two FCCUs at the Baytown refinery.

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