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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq is approaching "zero imports" of oil derivatives.. 2025 is the date of self-sufficiency

    Rocky
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    Iraq is approaching "zero imports" of oil derivatives.. 2025 is the date of self-sufficiency Empty Iraq is approaching "zero imports" of oil derivatives.. 2025 is the date of self-sufficiency

    Post by Rocky Wed 10 Jul 2024, 5:00 am

    Iraq is approaching "zero imports" of oil derivatives.. 2025 is the date of self-sufficiency

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    Economy News -- Baghdad
    For more than a decade, Iraq has been facing major challenges in the provision of petroleum products, especially gasoline, gas oil, and kerosene, due to the weakness of the oil refining infrastructure as a result of successive wars and corruption.
    However, the Iraqi government is striving to achieve self-sufficiency in these derivatives, through the rehabilitation and development of national refineries, and the implementation of new projects to increase production capacity.
    The new plans have begun to bear fruit by achieving self-sufficiency in petroleum derivatives, on which Iraq used to spend billions of dollars annually, and getting closer to achieving “zero imports” of gasoline.
    Iraq imported 4.7 million tons of gasoline, gas oil and kerosene during the past year, according to the national company SOMO.
    The media manager of the Oil Products Distribution Company, Rafid Sadiq, detailed the process of stopping the import of oil products and achieving self-sufficiency, while stressing that the process is ongoing to achieve “zero import” of gasoline.
    Sadiq said in an interview with Al-Eqtisad News, "Iraq used to import a group of petroleum products such as gas oil, gasoline, and kerosene, which continued until the Karbala and Baiji refineries were put back into service with the arrival of the current government."
    He added, "The introduction of refineries into service contributed to reducing the import of gasoline from 16 million liters to 6-7 million liters, as well as gas oil," noting that "Iraq was able to achieve self-sufficiency in gas oil in addition to white oil, which was reflected in the reality of the citizen."
    He pointed out that "the important strategic projects, which may enter service in the next phase, are counted on to achieve zero imports of gasoline," adding: "Last year, we noticed an increase in petroleum products through the distribution of kerosene to citizens, as we distributed 100 meters for each fuel card starting in July due to the abundance of this material, and it will be positively reflected in the coming winter, as we will begin similar operations."
    Regarding gas oil, Sadiq confirms that “there is self-sufficiency in gas oil, and we have worked to support private generators with 40 liters for every 1 KVA, at a rate of 200 dinars,” indicating that “the plans are ongoing to achieve zero imports of gasoline if the projects enter service after imports have been reduced by 60 percent.”
    SOMO revealed that it imported 536.2 thousand tons of gasoline during the first quarter of 2024. 
    According to SOMO, Iraq's imports of kerosene and gas oil have completely stopped, after it used to import millions of dollars annually.
    In addition, economic expert Hamza Al-Jawahiri expected that the import of petroleum derivatives would be stopped and self-sufficiency would be achieved by the end of this year, while he confirmed that Iraq was importing these derivatives at a value of up to 3 billion dollars annually.
    Al-Jawahiri said in an interview with Al-Eqtisad News, "Iraq may be able to achieve self-sufficiency in gasoline by the end of this year and exceed our needs."
    He continued, "There may be projects in Iraqi refineries that will increase the quantities of gasoline in the future," stressing that "Iraq used to import petroleum derivatives worth up to 3 billion dollars per year, which has decreased and this issue is about to be resolved."
    The economic expert expects: "Iraq will not import a single drop of gasoline by the end of 2024," noting that "self-sufficiency has been achieved as a result of new refineries entering service, in addition to the presence of new units such as heavy oil cracking, which leads to the production of light derivatives such as gasoline."
    Oil Minister Hayan Abdul Ghani confirmed earlier that the northern refineries that were destroyed by ISIS terrorist gangs were recently restored to operation with a capacity of 150 barrels per day, explaining that there is a promising project in the southern refineries to produce gasoline with a capacity of 4,500 cubic meters, which will make us independent of importing gasoline.
    He points out in a statement received by "Al-Eqtisad News" that Iraq imports oil derivatives worth 5 billion dollars annually, and we used to import more than sixteen thousand cubic kilometers of gasoline per day, and the import decreased to five thousand cubic meters thanks to the completion of the Karbala refinery and the completion of the idle units in the southern refineries.
    The government is currently working on a plan to gradually reduce the supply of petroleum derivatives, which costs more than $4 billion annually, until achieving self-sufficiency in these resources by the end of 2025.
    Iraq imports oil derivatives, including fuel and other products, due to the weakness of its oil refining infrastructure as a result of successive wars and corruption over the past decades, despite the country being OPEC’s second-largest crude oil exporter. Iraq produces about 4.25 million barrels per day of crude, but is obligated to export about 3.2 million barrels under the OPEC+ agreement.


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