Bora Can Yıldız (EN): Bora Can Yıldız: "Iraq, burns $ 10 million per day”

Bora Can Yıldız, the Chairman of EID Construction, which hit the headlines with the pipeline and power plant investments in the Middle East represented Turkey in Iraq Energy Conference held in Dubai.

Yıldız addressed a speech at the Conference that hosted many executives of the world’s leading oil companies as well as some ministers and senior bureaucrats from Iraq and United Arab Emirates and said the following words: “$ 10 million worth natural gas that is taken out of the wells are burnt off in Iraq on a daily basis, as there is no plant to process it. This means that $ 3 billion 600 million worth energy is wasted annually. On the other hand, processed natural gas is imported from Iran. There is a significant electric power deficit in the country, and such gas can both meet the electricity generation and ensure that the entire region can benefit from such resource as the excessive quantity can be exported to the neighbouring countries. However, a $ 50 billion worth transformation package is needed to achieve it. At this point, a great task falls on the Turkish construction companies.”

The 3^rd Iraq Energy Conference held in Dubai hosted many prestigious participants such as Suhail Mohammed al Mazrouei, the Minister of Energy of the United Arab Emirates, Karim Aftan Al Jumaili, the Minister of Electricity of Iraq, Thamer Gaban, the Iraq Parliament Energy Commission President, and Shell, Kogaz, Total, Basra Gas Company, South Oil Company as well as Iraq Energy Institute. Bora Can Yıldız, the Chairman of EID Construction, addressed a speech at the conference and stated that there is a proven existence of 150 billion barrels of reserve, and it is estimated that there is $ 300 billion worth additional reserve in Iraq today; he also said: “The resources are worth $ 45 quadrillion in total. The production reaches 3.6 million barrels a day at the moment, and the daily revenue is $ 360 million in dollar currency. The daily production will reach 14 million barrels a day, and the daily revenue will reach $1.4 billion in 2024. This is a huge opportunity for the economy in the region.”

GHABBAN: WE NEED TURKISH COMPANIES FOR IRAQ’S DEFICIT IN DWELLING UNITS

Thamer Ghabban, the Iraq Parliament Energy Council President and former Minister of Oil said that their current population is 33 million and the most important need of the population that will hit 55 million by 2030 is dwelling units and energy. Stating that they had been trying to meet the deficit in dwelling units as they need1 million dwelling units, Ghabban said: “The construction and energy sectors will continue to lead the economy in Iraq. Not only the oil, but 137 trillion cubic meters of natural gas is waiting to be taken out. Such a country having 78 oil fields in total, 9 of which are super giant, and 23 of which are giant, is importing diesel from other countries due to the lack of refinery. The people are procuring fuel through the black market. The Turkish construction companies play a key role in the completion of the infrastructure investments within the country despite the recent political tensions between two governments.

IRAQ WILL MAKE $ 50 BILLION INVESTMENT FOR THE ELECTRICAL DEMAND

Karim Aftan Al Jumaili, the Minister of Electricity of Iraq, stated that although $ 41 billion investment had been made in the electricity infrastructure up to the present, the electricity generation was still quite insufficient across the country. He also said: “We are planning to make $ 50 billion investment in the Majnoon region in Basra until 2030 in order to meet the electrical demand. Our neighbour Turkey will increase its electricity capacity to 100 GW in 2030. Our other neighbour Saudi Arabia will increase it to 121 thousand MW. We want to increase our capacity to 61.400 MW. However, in order to achieve such increase, we need natural gas as well. We will need 7 – 10 million cubic meters of gas per day in order to generate electric power after the investments. We will meet such demand through the gas which we already burn off.”

Bora Can Yıldız (EN)

13 March 2014

Bora Can Yıldız: "Iraq, burns $ 10 million per day”

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