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The file on importing petroleum derivatives will soon be closed
Iraq 05/29/2024
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The Oil, Gas and Natural Resources Committee of the House of Representatives said that the file of importing petroleum derivatives, which has exhausted Iraq for many years, will be closed soon, as the country has begun to make significant progress in the field of liquidation.
Committee member Alaa Al-Haidari stated in an interview with Al-Sabah that “Iraq has begun to make great strides in the field of liquidation, and the file of importing petroleum derivatives will be ended by the end of this year.” He explained, “Iraq had been importing oil derivatives from 2003 to this year 2024, amounting to approximately 4-5 billion dollars annually, and this file, which has exhausted the budget annually, will end.” He added, “Iraq has begun to recover in the field of the refinery sector and the production of oil derivatives after operating Units in the southern refinery companies, such as the fourth refining line, as well as units for the production of high-octane gasoline, the completion of the Karbala refinery, and the introduction of the Baiji refinery into operation with 150 thousand barrels per day.” Al-Haidari added, “The Al-Faw Investment Refinery is one of the delayed projects, which was signed by the current government and the Ministry of Oil with Chinese companies. This refinery will add a new addition to the field of the refinery sector, and it was among the stalled projects, and it was included in the Sudanese government’s program to operate all the stalled projects.” "It is a project that is long overdue."
He continued, "The Ministry of Oil has concluded a contract for the Al-Faw Refinery, which will provide many job opportunities for Basra Governorate - specifically for Al-Faw District, which is considered one of the deprived and oppressed districts - and will also support oil production," expecting that "within 3 years, the Al-Faw Refinery will enter production." Noting that "there is another refinery, which is a thermal crushing unit, and during mid-2025 it will enter into operation. It is one of the large refineries in Basra Governorate."
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