The Iraqi Ministry of Oil recently announced plans to increase refining capacities in the country to 1.5 million barrels per day, in order to meet domestic demand for petroleum products and export the surplus.
Iraqi Minister of Oil Hayan Abdul Ghani has announced investment opportunities to increase the output capacities of some Iraqi refineries. These investments will include the Amarah refinery in Maysan province, al-Muthanna refinery, Kirkuk refinery, Qayyara refinery, and a new refining unit with a capacity of 70,000 bpd will be added to the Dhi Qar refinery in southern Iraq. Additionally, there is a plan to build a new refinery in Dhi Qar province with a capacity of 150,000 bpd.
The increase in refining capacities is a major step forward for Iraq’s economy, as oil exports account for more than 90 percent of the country’s revenue and contribute to more than a third of Iraq’s gross domestic product (GDP). With the increase in refining capacities, Iraq has the potential to meet domestic demand for petroleum products and export the surplus, thus increasing the country’s revenue.
The investment opportunities in Iraq will provide a great opportunity for companies to invest in the refining sector and benefit from the potential of Iraq’s oil reserves. The investment will open up the possibility of increased production, development of advanced technology, and increased efficiency that can help Iraq maximize its potential and benefit from its vast oil reserves.
Iraq is an important member of the Organization of the Petroleum Exporting Countries (OPEC) and it is essential for the country to make the most of its energy resources. The investment opportunities announced by the Iraqi Minister of Oil will be a major step towards achieving economic growth in the country and will benefit both the investors and Iraq.