June 2023 - In a move that could have far-reaching consequences for the global oil market, Qatar and Iraq have signed an explosive MoU to establish a mammoth 150,000 barrels per day oil refinery in war-torn Iraq. The deal was sealed on the sidelines of Qatar’s Amir HH Sheikh Tamim bin Hamad Al Thani’s official visit to the Republic of Iraq amidst tight security due to ongoing violent insurgencies.
But that’s not all. Both countries also inked yet another MoU to establish a joint company - a formidable powerhouse - that will build and operate oil tankers carrying crude oil and petroleum products according to the laws in force in both countries. This alliance of two behemoths marks a new era in the oil trade, with analysts warning that it could lead to an excessive concentration of power and influence in the hands of these massive corporations.
One thing is certain: this bold move by Qatar and Iraq has shaken up the geopolitical landscape.