Latest news with #Al-Shatri
Shafaq News
25-05-2025
- Business
- Shafaq News
Iraq targets overseas refineries to boost oil revenue
Shafaq News/ Iraq is exploring investments in high-capacity overseas refineries to secure steady crude sales and maximize revenues, with a particular focus on fast-growing Asian markets, according to Nizar Al-Shatri, Director General of the State Oil Marketing Organization (SOMO). In an interview with Asharq, Al-Shatri said 75% of Iraq's oil exports are directed to Asia, citing the region's accelerating demand and expanding refining capacities, especially when compared to European and North American markets. China, India, South Korea, Indonesia, and Malaysia remain Iraq's top crude buyers. Al-Shatri explained that investing in foreign refineries would allow Iraq to secure fixed refining quotas, shielding exports from market volatility. 'We aim to work with reputable clients who operate high-capacity refineries in various markets to absorb price fluctuations without affecting export volumes,' he said. SOMO is currently pursuing long-term partnerships with major refiners across Asia, Europe, the Americas, and several African markets. These deals typically allow Iraq to sell crude at official prices, while benefiting from price differentials during market surges—taking 65% of the profit, with partners retaining 35%. In case of losses, the foreign partner bears the cost. Al-Shatri reaffirmed Iraq's commitment to OPEC+ quotas, stating that the country respects its production ceiling—currently set near 4M barrels per day (bpd), though Iraq's full production capacity is closer to 5.5M bpd. 'This discipline has helped stabilize the global oil market,' he said. Iraq has, however, expressed past concerns over OPEC+ restrictions, as it seeks to rebuild its economy and expand trade following decades of conflict and sanctions. Al-Shatri also clarified that condensates and associated gas are included in production figures for some fields to enhance crude quality, but stressed these should be reported separately as they are not technically crude oil. In 2024, Iraq exported approximately 1.2B barrels of oil, generating nearly $95B—accounting for over 90% of the country's total budget revenues. SOMO also utilizes the spot market to generate additional profits. Al-Shatri noted that in one recent year, this strategy brought in $80 million in bonus revenue. According to the International Monetary Fund, Iraq needs oil prices around $92 per barrel to balance its 2025 budget. Meanwhile, global oil benchmarks such as Brent crude are trading significantly lower, hovering near $65 per barrel—intensifying pressure on public finances. Founded in 1998, SOMO oversees Iraq's oil sales and has managed domestic fuel imports since 2003 to fill gaps in gasoline, diesel, kerosene, and liquefied gas supplies.
Shafaq News
23-02-2025
- Politics
- Shafaq News
Iraq's Intelligence Chief reveals talks with Syrian officials
Shafaq News / On Sunday, Iraqi Intelligence Chief Hamid Al-Shatri revealed the key messages he delivered to Syria's transitional president, Ahmed al-Sharaa, during a meeting in December. Al-Shatri confirmed that communication with Syria's new administration remains ongoing to establish a security framework addressing ISIS, the Al-Hol camp, Syrian military weaponry, and the inclusion of Syria's diverse communities in its future governance. Iraq-Syria Security Talks Speaking at the Baghdad International Forum, Al-Shatri stressed that Iraq's priority is to protect its national interests, and that developments in Syria 'affect not only Iraq but the region,' citing continued 'security vulnerabilities.' He expressed hope that Syria's transition would 'mark a new beginning,' noting that Damascus had sent 'positive signals' and provided insights into the unfolding situation. Concerns Over Security Threats Al-Shatri explained that his visit to Damascus and talks with Al-Sharaa were based on 'strategic considerations,' emphasizing that Iraq 'had never been fully aligned with Bashar Al-Assad's long-standing security threat of a regime.' 'Iraq suffered the most from Al-Assad's rule, as his regime facilitated the entry of hundreds of suicide bombers and extremist fighters to Iraq,' he said. 'Our messages to al-Sharaa conveyed Iraq's support for the Syrian people's aspirations while raising critical issues, including how the new administration intends to engage with its Kurd, Shia, and Alawite communities, who share ties with Iraq.' ISIS Threat and Military Concerns Al-Shatri highlighted Iraq's concerns about ISIS-controlled areas, particularly the Al-Hol camp, which houses around 30,000 individuals from 60 nationalities, as well as 4,000 ISIS fighters detained in Syrian Democratic Forces (SDF) prisons, including 2,000 Iraqis. He also warned of the potential for Syrian military weapons to fall into the hands of rogue armed factions, reaffirming Iraq's ongoing engagement with Syria's new leadership to establish a mutually acceptable security framework. Iraq's Cautious Stance Iraq has yet to officially acknowledge Syria's political transition. However, Iraqi Foreign Minister Fuad Hussein recently told France 24 that he had invited Syria's transitional president, Ahmed Al-Sharaa, to a regional summit Iraq plans to host in May, along with Syrian Foreign Minister Asaad Al-Shibani, who was invited to visit Baghdad 'soon.'
Iraqi News
23-02-2025
- Politics
- Iraqi News
Head of the Intelligence Service: Iraq sent clear messages to Syria about security threats
Baghdad-INA Head of the National Intelligence Service Hamid Al-Shatri confirmed today, Sunday, that what is happening in Syria directly affects Iraq, noting that Baghdad sent direct messages to Damascus about security threats, and while he referred to ISIS gang cells in the deserts of Homs and Damascus, he pointed out the presence of two thousand terrorists from the organization's militants from Iraq in Hasakah prisons. Al-Shatri said during his participation in the activities of (Baghdad Dialogue) conference, which was attended by the correspondent of the Iraqi News Agency (INA): "The recent events in Syria represent a turning point in the region," expressing his hope that "this will contribute to enhancing stability, despite some concerns related to the presence of armed groups and places of conflict in the region." He added that "Iraqi and Syrian arenas are closely interconnected, and what is happening in Syria directly affects Iraq, and vice versa, and Iraq has sent clear security messages to Syria about the threats posed by some extremist groups, as Iraq has been harmed in the past period by sending suicide bombers and narcotics across the border." He continued, "Iraq was not keen to support Bashar al-Assad regime in Syria as much as it was interested in knowing the alternatives in case the situation there changed," stressing that "Iraq sent messages respecting the will of the Syrian people." Al-Shatri explained that "Iraq attaches special importance to the issue of fighting the terrorist "ISIS" gangs, as there are still cells affiliated with these gangs in areas such as the desert of Homs and the Levant." He pointed out that there are about 30,000 displaced people in Syrian camps from 60 nationalities, in addition to 9,000 ISIS members detained in Hasakah prisons, including 2,000 Iraqis, and we want to know how the new Syrian administration will deal with this file." Al-Shatri also expressed his concern about the weapons that were seized by some armed groups, including ISIS, after the fall of the former regime in Syria.
