Iraq’s Oil Ministry is looking to reduce the import of oil products and derivatives by one quarter in an attempt to save the federal government’s revenues, following a directive issued by Oil Minister Jabbar Al-Luiebi.
The move to cut imports by 25 per cent is primarily in response to Iraq’s rising production of refined products and petrochemicals from key refineries, which have been coming online after being sabotaged for years during the country’s violent conflict with extremist groups.
The restarting of production units at the Seeniya, Hadeetha, Qayara and Kirkuk refineries have contributed to raising Iraq’s production of oil derivatives, the ministry stated.
Investments in increasing refining capacities of vital units, as well as into the national distribution network, have also helped in meeting domestic need, along with the growth in output of liquefied gas products.
Iraq has been seeking investments for refurbishing and expanding existing refining complexes, and has particularly sought capital for downstream projects in Kirkuk, Maysan, Nasiriya, Faw, Anbar and Nineveh.
The ministry said it plans to build refineries outside the country for raising overall production.
Iraq has also been able to maintain a steady level of crude oil exports recently, and especially in the first two months of this year.
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