Transforming Iraq’s Oil Industry: A Vision for the Future
In a bold move to enhance Iraq’s economy and maximize its oil resources, Prime Minister Mohammed Shia Al-Sudani expressed his government’s commitment to converting 40 percent of the country’s oil exports into derivatives and refined products. This announcement came during a meeting with Crescent Petroleum Chairman Hamid Jafar, where the Prime Minister highlighted the importance of creating a conducive environment for investment.
Al-Sudani emphasized the government’s efforts to attract experienced companies through financial incentives, ultimately leading to job creation and economic growth. The recent inauguration of a high-octane gasoline isomerization unit in the Basra Refinery is a clear step towards achieving self-sufficiency in oil derivatives and improving overall product quality.
Jafar lauded the government’s facilitation of productive activities and elimination of barriers to investment, signaling a promising partnership between the public and private sectors. With a focus on increasing refining capacity and reducing petroleum imports, Iraq is poised to become a leading player in the global oil market.