Eco
The Council of Ministers today, Tuesday, approved an agreement allowing the Ministry of Oil to contract with Syrian entities for the transportation, storage, and handling of crude oil quantities through the ports of Baniyas and Tartus on the Mediterranean Sea. In a statement issued by the Prime Minister's Media Office, it was reported that Prime Minister Ali Falih Al-Zaidi chaired the Council's regular session today, Tuesday, where the general situation in the country was discussed, and agenda items were deliberated to take the necessary decisions and recommendations. The statement indicated that the Council approved the recommendations from a previous meeting held by the Prime Minister with senior officials of the Ministry of Oil on May 20. These recommendations included developing a detailed plan to maximize crude oil export capacities, aiming to increase pipeline export rates from 220,000 barrels per day to 770,000 barrels per day in two phases over two and a half months. The plan also included raising the level of oil exports via trucks to neighboring countries to 420,000 barrels per day in three phases. Furthermore, the recommendations stipulated granting the Minister of Oil the necessary financial and contractual powers, and emphasized that the Oil Marketing Company should take the essential measures to contract for the new quantities. They also included the restoration of operation for the FCC units in refineries, in cooperation with the Japanese operating company. The Council confirmed its approval of the Ministry of Oil's contract with the Syrian side for the transportation, storage, and handling of various types of crude oil, including light, medium, and heavy Basra crude, through the ports of Baniyas and Tartus on the Mediterranean Sea. The agreement also includes opening a representative office for the Ministry of Oil there to manage export operations through this new route.
