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The government is considering closing the oil derivatives gap within a year
The first 04/22/2024
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The government is moving to develop the crude oil refining sector, by expanding refineries and establishing new ones in a number of countries, to meet the growing demand for oil derivatives annually. Vice Chairman of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, revealed to “Al-Sabah” a proposal to establish Iraqi refineries in neighboring countries, noting that “Iraq needs to achieve self-sufficiency in supplying electricity, increasing oil exports, and investing in gas instead of importing.” Al-Jabri added that “There is a proposal to establish Iraqi refineries in neighboring countries to achieve high revenues from oil derivatives. These ideas are under study to reduce geographical pressure on Iraq, while modifying oil export outlets.”
For his part, the official spokesman for the Ministry of Oil, Assem Jihad, told “Al-Sabah”: “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,” indicating that “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 stated, “The goal of the investment is to increase production and transform crude oil into white products that cover the local need, 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," pointing out that "the global strategy is to establish partnerships with neighboring countries or countries that represent main points or sources for marketing oil and oil derivatives and achieving... Flexibility in marketing oil products. He continued, "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 capacity." 70 thousand barrels, bringing the production of the southern refineries to 200 thousand barrels,” and he pointed out that “there is a refinery with the latest technologies that transforms oil waste into high-quality white products with a capacity of 50 thousand barrels.” Meanwhile, oil expert Kovind Sherwani told Al-Sabah: “The Ministry of Oil possesses advanced technical and engineering capabilities, and can establish refineries inside and outside the country, and helped establish a refinery in Jordan and another in Sudan.” He added, "Focusing on the work of refineries is a good thing because it helps produce derivatives that are not subject to export restrictions, such as crude oil, which is restricted by OPEC and OPEC Plus decisions."
Sherwani continued, “Establishing refineries abroad is a type of investment, and derivatives can be sold and generate greater financial returns than crude oil,” indicating that “if these steps are taken, they are successful and good investments.”
Edited by: Ali Abdel Khaleq
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