Iraq earns over 1Bn Dollars from three petroleum products in Q1 2023

Shafaq News / The State Oil Marketing Organization (SOMO) has reported that Iraq exported more than one billion dollars' worth of three petroleum products during the first quarter of 2023.

According to a table released by SOMO, Iraq exported three petroleum derivatives totaling $1,113,220,043, with a quantity of two million, six hundred thirty-six thousand, seven hundred and thirty-six metric tons.

The breakdown of the exports revealed that the quantity of natural gasoline exported was three thousand, one hundred and ninety-one metric tons, earning $1,769,453. Additionally, the exported quantity of "naphtha" was three hundred seventeen thousand, eight hundred and twenty-five metric tons, totaling $148,205,865.

Furthermore, Iraq exported two million, three hundred fifteen thousand, seven hundred and twenty metric tons of fuel oil, amounting to $927,244,725.

Iraq primarily exports certain petroleum derivatives like regular gasoline while importing premium gasoline. Naphtha is, in fact, a mixture of several types, categorized into two divisions: light naphtha and heavy naphtha. It is predominantly used in gasoline production for automobiles, as well as in chemical industries such as ethylene and propylene production. These products are utilized in plastic manufacturing, including polyethylene and polypropylene.

Fuel oil, on the other hand, is one of the components resulting from the fractional distillation of crude oil. Generally, it refers to any heavy liquid petroleum product that is burned in a furnace or boiler to produce heat or generate electricity or mechanical power.