List of all articles filed under “kurdistan-oil-and-gas” category.
“We focus our efforts to rebuild Iraq and its different sectors like construction, real estate, transportation, agriculture, security, oil and gas services and many other fields … because we love our country and we focus on rebuilding and investing in it.”
Qaiwan group is a conglomerate involved in real-estate development, downstream oil and gas, oil distribution and trading as well as in electronics trading (sole distributor of Hitachi brand).
Saad Hassan, Vice Chairman of Qaiwan Group of Companies, an operator of the Bazian Refinery near Sulaymaniyah, talks about the expansion plans and the strategy.
Saad Hassan claims any estimates for the growth of oil and gas sector in Kurdistan are going to be surpassed; the growth will be immense. Qaiwan Group is a regional company present in different countries, employing more than 2,000 people. Mr. Hassan’s dream for the company is to get it listed among at least the 100 largest companies in the world in ten years’ time.
For some time the Northern Iraq city and province of Kirkuk has been the political, security and economic fault line between the increasingly autonomous Kurdistan Regional Government, and federal Iraq.
Driving the region’s economy is Kurdistan’s gas and oil reserves, estimated respectively at 100-200 trillion cubic feet and 45 billion barrels, with possibly another 25 billion potential barrels in unproven reserve.
Oil and gas reserves are undoubtedly the most important assets for Iraq’s Kurdistan. According to OPEC, Iraq’s resources of 143 billion barrels of crude oil and 126.7 trillion cubic feet of gas are the fourth largest in the world after Venezuela, Saudi Arabia and Iran. However, Iraq’s oil production is almost half that of Iran, meaning there is plenty of room for growth.
Kurdistan accounts for 43.7 billion barrels of proven oil reserves, 25.5 billion more barrels of unproven reserves and between 3 and 6 trillion cubic meters of gas (30% of Iraq’s proven oil reserves). If Kurdistan was a country, the amount of oil and gas reserves would place it among the top 10 oil rich countries in the world.
