• Wednesday, 19 June 2024
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Iraqi Oil Minister Announces Transition from Imports to Exports with Enhanced Refining Capacities

Iraqi Oil Minister Announces Transition from Imports to Exports with Enhanced Refining Capacities

In a significant development for Iraq's oil industry, Oil Minister Hayan Abdul-Ghani has announced a strategic shift from importing to exporting petroleum products, driven by increased refining capacities. During a recent field visit to the Midland Refineries Company (MRC), the minister highlighted the country's achievements in gasoline production and refinery advancements.

Abdul-Ghani emphasized that Iraq's gasoline production has been significantly increased and improved to meet local demand, setting the stage for a gradual shift toward exporting surplus products. According to Shafaq News, this move is part of a broader effort by the Ministry of Oil and its affiliated firms to boost the country's production capabilities.

Over the past year, Iraq's refining capacity has surged by 360,000 barrels, a milestone that underscores the ministry's commitment to achieving self-sufficiency in oil derivatives. Abdul-Ghani pointed out that the successful completion of various projects has played a crucial role in this enhancement.

The minister lauded the inauguration of the isomerization unit at the South Refineries Company, which has a daily capacity of 1,300 cubic meters, and a similar unit at the MRC with a capacity of 750 cubic meters per day. These advancements are projected to reduce Iraq's gasoline imports by nearly 2,000 cubic meters per day.

As Iraq continues to ramp up its refining capacities, the Ministry of Oil remains dedicated to ensuring that the country not only meets its domestic energy needs but also positions itself as a key exporter of petroleum products. This transition marks a pivotal step in strengthening Iraq's economic resilience and energy independence.

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