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Government moves to build 6 new refineries
Second and third 2024/10/02
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The Parliamentary Oil and Energy Committee is working to review and amend the Crude Oil Refining Investment Law of 1964 with the aim of enhancing investment in the oil refinery sector. While expressing its support for the government’s initiative to generalize electronic payment operations at fuel stations in the governorates, it revealed that there is a trend to establish six new refineries.
Sabah Sobhi, a member of the Oil and Energy Committee, told Al-Sabah that “the Crude Oil Refining Law is old and contains conditions that do not encourage investment, noting that amending it has become necessary to attract local and international investments, which can contribute to improving the quality of production and reducing environmental costs.”
Sobhi pointed out that “the amendments will provide a more attractive legal environment for companies wishing to enter this sector, which will reduce the financial burden on the government, which is working to develop the infrastructure, increase the production capacity of refineries, and reduce environmental damage resulting from the old technologies currently used.” In addition, the committee expressed its support for the government's initiative to generalize electronic payment operations at fuel stations in the governorates, indicating that this step is important in enhancing transparency and reducing traditional cash transactions and contributes to improving service and collecting money. Sobhi said: "The use of electronic payment facilitates the process of obtaining fuel and its generalization in the governorates will benefit the state by improving the mechanisms for recovering and collecting money in a better way than paper transactions that are subject to damage."
Sobhi explained that "this trend enjoys the full support of the committee, because it is in line with development and represents a qualitative shift in the fuel filling sector, which makes obtaining the service smoother and reduces the financial and administrative burdens on the state, in addition to contributing to reducing financial corruption resulting from traditional paper transactions. In a related context, Sobhi explained that relying on oil alone creates great risks for the Iraqi economy, especially when sudden price drops occur, noting that the committee supports increasing non-oil revenues and addressing any emergency situation. He stressed that "the committee is keen to keep subsidized gasoline prices as they are, despite government support." In a related context, committee member Basem Naghamish explained to "Al-Sabah" that "Iraq is committed to the OPEC agreement on production levels and there is no intention to increase it at present to maintain price stability, noting that the Iraqi government announced plans to establish six new refineries, and some companies have begun purchasing private investment portfolios."
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