2023-12-23T10:20:36+00:00
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/ Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani confirmed on Saturday the ministry’s intention to reach self-sufficiency in petroleum products during the second quarter of 2024, after the completion of a number of important projects in the refinery sector.
This came during the opening of the project to complete the fourth refining unit with a capacity of (70) thousand barrels per day at the South Refineries Company in Basra Governorate.
Abdul Ghani said in a speech during the celebration that operating this unit will provide large quantities of petroleum products, including naphtha, gas oil, kerosene, liquid gas, and others to cover a large portion of the local need.
The Minister of Oil indicated that the project was among the priorities of the government program and was completed in a record period by the national effort after foreign companies hesitated.
For his part, Director General of the South Refineries Company, Hossam Hussein Wali, said in a speech during the ceremony that the company fulfilled its obligations to the government and the ministry by completing the project within the planned period, stressing that the production of this unit of petroleum products will cover a large part of the local need, especially gas oil and kerosene, indicating that The company contributes through projects to increase refining capacity to meet local needs and improve the quality of petroleum products.
Meanwhile, Oil Ministry spokesman Assem Jihad said that the opening of the fourth unit, with a capacity of 70 thousand barrels per day, will contribute to raising the total refining capacity of the South Refineries Company to 280 thousand barrels per day.
He explained that the first stage will witness the opening of the isomerization unit to improve the quality of products in the refinery, in addition to continuing to complete the (FFC) project, which is considered one of the most promising projects and represents a qualitative leap in upgrading petroleum products to (Euro 5).
Ch at the inauguration ceremony that achieving self-sufficiency in petroleum products is a critical goal for Iraq, which has been heavily reliant on imports to meet domestic demand. He emphasized that successful implementation of refinery projects will enhance the country’s energy security and reduce dependence on external sources.
The Deputy Prime Minister highlighted that the completion of the fourth refining unit is a significant milestone, as it will increase refining capacity and contribute to meeting the needs of the local market. This capacity expansion is expected to play a crucial role in reducing fuel shortages and stabilizing prices for consumers.
Abdul Ghani further noted that the ministry is committed to developing the oil sector through continuous investments in infrastructure and technology. The focus will be on optimizing local production capabilities and ensuring that Iraq can sustain its energy needs independently.
As part of a broader strategy, the Iraqi government aims to attract foreign investment in the energy sector while enhancing local expertise and workforce capabilities. The successful execution of these initiatives is essential for realizing the vision of a self-sufficient petroleum sector by mid-2024.