In 2016 BGC played a key role in creating a new revenue stream for Iraq’s economy by turning the country from a net importer to a net exporter of LPG. BGC started re-habilitation and upgrade works in Umm Qasr storage and marine terminal, to allow excess gas condensate to be exported.
BGC works closely with the State Organisation for Marketing of Oil (SOMO) to manage levels of production and market constraints, whilst building a network and reputation in the LPG and Condensate export market.
In June 2022, BGC exported the first semi-refrigerated LPG shipment from the BGC Umm Qasr jetty, and successfully completed three semi-refrigerated shipment in total so far. This provides access to three times the number of vessels available globally for shipping LPG and doubles our loaded parcel size in a single operation, allowing us to access wider markets and destination terminals that only accept refrigerated products. In 2023, BGC managed two additional semi-refrigerated LPG.
The LPG surplus is being exported to foreign regional markets, whereby the exports business has been doubling its value over the years, whilst BGC continues re-habilitation and upgrading works in Umm Qasr storage and marine terminal, to allow excess gas condensate to be exported. BGC is looking to upscale exports business to firmly entrench Iraq’s position as a reliable LPG and condensate exporter in the region and globally.
One of BGC’s growth projects is to move from high pressure (HP) LPG to Refrigerated LPG to enable the Company carry larger volumes of LPG to further markets in the future.