Home
Exporting aviation fuel... a new step towards diversifying revenues
Economic 10/16/2024
[You must be registered and logged in to see this image.]
A new step in enhancing the government's multi-revenue projects is to start exporting jet fuel, although its impact is relative, it is scalable, and this project can be expanded and made an important source for the general federal budget.
The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, said: The country's oil policy is moving towards a strategy of diversifying oil derivatives, as within the next twenty months the country will be completely self-sufficient in producing gasoline and self-sufficiency will be achieved, and imports will stop, with the development of high-quality refining centers in Iraq, whether in the refineries of Basra, Karbala, Baiji, and others, or those in the process of technological development.
Salih added that with regard to jet fuel, the available information indicates that the country produces about 5,000 cubic meters of jet fuel per day, as these quantities depend on local production from Iraqi refineries to meet the needs of the local market and export the surplus outside the country.
Financial and banking expert Saif Al-Halfi said that the export is a successful step and we hope to have a comprehensive vision for exporting jet fuel for the first time, and this certainly indicates that Iraq has begun to diversify its sources of revenue and increase industrial production.
He added that this shift indicates that Iraq has begun to move towards manufacturing refined petroleum products, instead of relying exclusively on exporting crude oil, which is sold at the cheapest prices, and undoubtedly, which can increase the added value of the local economy.
He pointed out that it is important to understand the future of industry in Iraq, and this is a popular and national demand for us to have a national industry in Iraq, and that exporting jet fuel is an important step for Iraq towards diversifying its economy and strengthening its industrial sectors, noting that with government support and investment in infrastructure, this step can be the nucleus of a strong industrial sector that supports the local economy, provides new job opportunities, and increases Iraq's competitiveness at the international level.
He explained that if this idea is transformed into small projects and companies listed on the stock market, we will witness a qualitative shift in the country's economy and a move towards a more diversified and sustainable economy.
He pointed out that this step enhances economic stability, as reliance on crude oil exports makes the economy vulnerable to fluctuations in global oil prices and challenges from neighboring countries that have flooded markets with cheap prices. Exporting products such as jet fuel can provide greater stability and abundant revenues.
Regarding the factors that help Iraq become a major source of jet fuel, Al-Halfi said: There are several factors that may support Iraq's transformation into a major source of jet fuel in the region, the most important of which is the abundance of crude oil, as Iraq has the fourth largest oil reserves in the world, which provides a strong production base for developing the refined products industry, including jet fuel. Iraq also enjoys a strategic geographical location close to major markets in the Middle East, Europe and Asia, which reduces transportation costs and enhances export opportunities.
He explained that the infrastructure that the country now possesses helps develop this industry, pointing out that building modern refineries capable of producing jet fuel with high-quality standards will contribute to enhancing Iraq's ability to meet the needs of global markets and provide job opportunities for citizens.
He explained that if Iraq is able to develop biofuel for aircraft, it will become a pioneer in this industry, which will open new markets in Europe and North America, where demand for environmentally friendly fuel is increasing.
[You must be registered and logged in to see this link.]
» MM&C 10/15/24 US Senate enters the line of pressure on the Central Bank of Iraq
» utube MM&C 10/15/24 Attention to Valuation-Revaluation of Currency-IMF-WB-Viewpoints
» Foreign remittance sales increase by 97% at Central Bank auction
» Al-Maliki invites international companies to invest in agriculture in Iraq
» MP urges Sunni forces to decide on Parliament Speakership
» Al-Sudani is upset with the procrastination and threatens to withdraw the Australian hospital projec
» The Coordination Framework agrees to support Al-Mashhadani for the presidency of Parliament and pass
» Finance Minister and US Ambassador Discuss Government Efforts to Achieve Economic Reforms
» Parliamentary Services: Nearly 80% of waste landfill sites do not have environmental approvals
» "The rise of the dollar is not the reason".. An expert reveals the reasons for the rise in meat pric
» Al-Sudani lists the implementation of 99 schools in Diyala with funding from this party
» Al-Furatain Bloc: Al-Sudani's government is working to complete all service projects on time
» The Central Bank reveals the percentage of gold in Iraq's foreign currency reserves
» Rusafa is cleaner than Karkh.. Analysis of the air pollution index in Baghdad
» Medical complex for the treatment of psychological disorders and drug addiction
» Toxic waste
» Al-Sudani: We have started to address environmental pollution
» Opening of Bastora Dam in Erbil
» A move to build hospitals to treat mental disorders
» Al-Naili to {Sabah}: Starting to establish the Martyrs Fund
» National Lending Strategy
» Exporting aviation fuel... a new step towards diversifying revenues
» Oil falls, OPEC cuts growth forecast
» Foreign Minister leaves Baghdad on a European tour that begins with a visit to Ireland and ends in F
» Launching of the activities of the international scientific conference under the slogan "Development
» Parliamentary recommendations to update the proposed law on the organization of trade unions for wor
» Minister of Finance stresses the importance of partnership with the United States to achieve sustain
» Minister of Transport supervises the submersion of concrete pieces of the submerged tunnel in the Gr
» The Parliamentary Oil Committee meets with the Minister of Electricity to explain the mechanisms for
» MP calls for electing a chairman for the Nineveh Investment Commission
» The Council of Ministers decides to appoint 7 general managers in various ministries
» Transport issues clarification regarding a photo of its Minister with the Minister of Oil: Private v
» Barzani heads to Ankara tomorrow carrying 6 files
» Al-Sudani puts major countries before their responsibilities
» Iraqi oil suffers heavy losses in third session of the week
» Al-Hakim calls for greater attention to food security and agricultural production
» The Supreme Judicial Council signs a memorandum of understanding with the Institute of International
» Haider Hanoun meets with the advanced staff of the Integrity Commission and urges the need to expedi
» From President to Article.. Halbousi Obstructs Change in Iraq
» Iraqi Communist: Zionist aggression on Iraq is not unlikely and we must be prepared for all possibil
» US delegation arrives in Baghdad to prepare draft for "indirect" negotiations with Iran
» Full decisions of the Cabinet session
» Finland announces the end of its military mission in Iraq by the end of the year
» Gulf electricity interconnection: It will supply Iraq with about “3.94 terawatt hours” annually
» Closing factories and banning waste burning.. The Iraqi Interior Ministry takes strict measures to c
» Al-Sudani gives brick factories the choice between using gas or transporting it outside Baghdad...
» Parliamentary calls to oblige the Iraqi government to cancel the privileges granted to Jordan
» "After citizens' complaints" Samarra commits to a decisive date to complete the sewage project
» The Ministry of Finance invites this category to visit the banks
» Parliamentary Committee intends to host the Minister of Electricity
» The dollar is putting pressure on the pockets of low-income people amid the lack of support for the
» Morning list of dollar exchange rates in Iraq
» Government decision to include the implementation of 99 schools in Diyala with funding from the Iraq
» utube 10/12/24 MM&C Iraq News is Powerful - Minister of Finance to adhere to Time Tables - To Achie
» Islamic Banks Association: We are committed to supporting Al Farah Model Schools for Orphans financi
» Bitcoin Cryptocurrency Rise Over $3,000
» The Council of Ministers holds its regular session headed by Al-Sudani
» After denying petroleum products, a parliamentary committee acknowledges the existence of a “kerosen
» Only a few hours left.. More than 110 thousand voters have not received their electoral cards in Kur
» Including money and drug smuggling.. Border crossings announce the detection of more than 3,300 viol
» To preserve gains, Türkiye and Iran “enter” the electoral race in the Kurdistan Region
» Iraqi researcher: The region is heading towards a greater confrontation with America’s participation
» The government is worried... Can the Iraqi parliament declare war on Israel?
» What is the difference between the annual fees of the parallel project and the national project?
» Trade: Marketing centers will support the national product and serve employees
» The first of its kind.. Launching the Baghdadna electronic service platform
» Nechirvan Barzani: The only solution to the pending issues between Erbil and Baghdad is to implement
» "Currency Auction".. Central Bank of Iraq sells more than 257 million dollars
» World Bank Support: Is External Financing Enough to Stabilize Iraq?
» Government advisor prefers maximizing non-oil revenues by 2024
» 6 Sunni parties threaten to boycott the session to elect the parliament speaker
» Reports are worrying.. MP identifies 3 reasons for Baghdad's air pollution
» Al-Furatayn: Al-Sudani's international contacts are important to ward off the specter of war
» MP reveals why political parties ignore port corruption file
» Parliamentary Committee Reveals Possibility of Extending Legislative Session in Order to Legislate L
» Source: Arrest warrant issued against head of Integrity Commission for matching his voice with leaks
» The Federal Court considers the appeal filed against the legitimacy of the Kirkuk Provincial Council
» Industry: Partnership contracts will see the light within 3 years
» Oil participates in the Atlantic Council Energy Forum
» Trade: Marketing centers will support the national product and serve employees
» Parliamentary Committee Denies Oil Products Company and Admits Kerosene Crisis... What Are the Reaso
» Coordination with the World Bank to establish projects
» 3347 different violations recorded at border crossings
» Baghdad Council: Upgrading regions and districts to increase their financial allocations
» Planning launches unified electronic platform services
» Closure of two unlicensed factories, one of which is for dairy production in the capital, Baghdad
» Launching of the activities of the international scientific conference under the slogan "Development
» Parliamentary Oil Committee reveals reasons for diesel shortage
» The Coordination Framework holds a meeting to discuss 3 files
» Barzani in Sulaymaniyah and Talabani in Dohuk.. Visits of the raging conflict and disagreements that
» The Recovery Department of the Integrity Commission concludes a cooperation agreement with the Arab
» Iraqi oil maintains gains on second day of trading
» Absent sovereignty and existing threats... Ankara continues to penetrate northern Iraq.
» Al-Dulaimi: The Aqaba pipeline will cost huge sums of money for no benefit
» Health warnings for Baghdad residents: “Black Cloud” may cause cardiac and respiratory arrest
» Al-Shammari: 757 billion dinars in the Ministry of Interior’s revenues in 2023
» Al-Sudani opens three schools in Baghdad and Maysan... all students in Al-Farah schools are included
» Several scenarios facing Al-Sudani: the most prominent of which is that he may ally with Al-Sadr