Iraq, along with Iran, Kuwait, Saudi Arabia, Qatar, UAE, sits atop the world’s most prolific collection of hydrocarbon deposits, containing some 60% of the world’s known reserves.
Baghdad, February 11 - Nefegaz.RU. The Iraqi Republic Railway Company (IRR) announced that it has resumed limited transportation of oil derivatives from the country's central region to the south in an attempt to revive the railway sector.
The
government-owned corporation also announced the rehabilitation of 100 of its rail tank cars by the company's workers, who also rebuilt many of the company's damaged buildings and equipment, the local al-Sabah newspaper as saying in a report.
Talib al-Husseiny, Head of the IRR said:
- Under a contract signed with the Ministry of Oil, the IRR is currently transporting 1,000 m3 of oil derivatives a day from the Baiji oil refinery in the north of Baghdad to Umm Qasr Port in the southern province of Basra
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The contract will turn the railway company to be one of the profitable companies
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The company has a contract to import 250 new rail tank cars, of which 39 have arrived in Iraq, and some 150 others will arrive in the coming days, while the remaining 61 rail tank cars will arrive later
Iraq seeks to support and revive its companies, which were negatively affected by years of wars and conflicts, to give a push to the
country's economy by reducing dependence on the export of
crude oil.
Currently, Iraqi economy
relies heavily on crude oil exports, which represent more than 90 % of the country's revenues.
