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[size=36]Oil: The government is moving to maximize production by establishing a number of refineries[/size]
Economy | 09:50 - 04/22/2024
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Mawazine News - Baghdad
The official spokesman for the Ministry of Oil, Assem Jihad, confirmed on Monday that the government’s strategy is moving towards maximizing the production of petroleum products by establishing a number of refineries and adding units to increase and improve the products.
Jihad said in an interview followed by Mawazine News, “The strategy depends on offering a number of investment refineries, after offering 7 investment opportunities in a number of governorates last year, with capacities ranging from 30 to 50 thousand barrels per day.”
He added, "The goal of the investment is to increase production and transform crude oil into white products that cover local needs, then market the surplus to global markets and add financial revenues."
He continued, "The strategic transformation depends on contracting with international companies in addition to adding diversification to oil production and not limiting exports to crude oil."
He pointed out that "Iraq is open to projects that generate additional revenues and enhance its economic role in the global market, by strengthening the role of the refining industry with the start of production of the Karbala refinery with a capacity of 140 thousand barrels, the reconstruction and rehabilitation of the Al-Samoud refineries with a capacity of about 300 thousand barrels, and the entry of the fourth unit of the southern refineries." With a capacity of 70 thousand barrels, bringing the production of the southern refineries to 200 thousand barrels.
Jihad said in an interview followed by Mawazine News, “The strategy depends on offering a number of investment refineries, after offering 7 investment opportunities in a number of governorates last year, with capacities ranging from 30 to 50 thousand barrels per day.”
He added, "The goal of the investment is to increase production and transform crude oil into white products that cover local needs, then market the surplus to global markets and add financial revenues."
He continued, "The strategic transformation depends on contracting with international companies in addition to adding diversification to oil production and not limiting exports to crude oil."
He pointed out that "Iraq is open to projects that generate additional revenues and enhance its economic role in the global market, by strengthening the role of the refining industry with the start of production of the Karbala refinery with a capacity of 140 thousand barrels, the reconstruction and rehabilitation of the Al-Samoud refineries with a capacity of about 300 thousand barrels, and the entry of the fourth unit of the southern refineries." With a capacity of 70 thousand barrels, bringing the production of the southern refineries to 200 thousand barrels.
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