Iraq aims to turn 40% of its oil exports into refined products

The Iraqi Prime Minister, Mohammed Shia Al-Sudani, has confirmed that his government aims to convert at least 40 percent of Iraq’s oil exports into derivatives and refined products.

Al-Sudani’s remarks took place during his meeting with the Chairman of Crescent Petroleum, Hamid Jafar, and his accompanying delegation, according to a statement released by the Prime Minister’s Office (PMO).

Al-Sudani explained that the Iraqi government has created a safe investment climate, as well as financial and banking facilities, to attract experienced companies, which opens the door to continued cooperation, benefits the local economy, creates job opportunities, and maximizes Iraq’s oil resources.

Jafar praised the government’s efforts to facilitate all forms of productive activities and the Prime Minister’s directions to eliminate barriers to investment companies’ work and establish everything that would increase levels of cooperation.

During the inauguration of a high-octane gasoline isomerization unit in the Basra Refinery on Saturday, Al-Sudani explained that the project will help Iraq cover its needs for oil derivatives and stop the import of petroleum products.

The Iraqi government plans to achieve self-sufficiency in oil derivatives, increase the refining capacity of petroleum products, and improve their quality.