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Iraq Launches Ambitious Program to Raise Refinery Capacity

Iraq Launches Ambitious Program to Raise Refinery Capacity

Sunday, 13 June, 2021 - 10:45
Iraq is aiming to stop importing gasoline by 2023. (Reuters)

Iraq’s oil ministry aims to raise the capacity of Iraqi refineries and reduce gasoline import rates by up to 50 percent before the end of 2021, said the oil minister.

These “ambitious” projects will add up to one million liters of gasoline per day to the refinery’s production capacity, raising the total production to four million liters per day, added Ihsan Abdul Jabbar during the inauguration of several projects at the Doura crude oil refinery in Baghdad on Saturday.

The ministry is working to halt the import of gasoline by 2023 by opening several major projects in this vital sector, a ministry statement revealed.

The refining sector is one of the most important pillars of the national economy since it produces and provides all kinds of fuel to citizens and other service sectors.

The new projects aim to increase the national production of fuel, which directly contributes to meeting part of the local needs and reducing the rate of foreign imports.

The new units are built in accordance with the international standards in health and safety and are environment-friendly, Abdul Jabbar explained.

Baghdad is currently working on attracting foreign companies to build several crude oil refineries across the country.

Abdul Jabbar had previously revealed that Iraq is targeting to reach an oil production capacity of seven million barrels per day by 2025.

Meanwhile, Iraq is accelerating the pace to boost investments in the oil and energy sectors, which contributes to about 90 percent of the country’s budget.

In a previous statement, the oil minister had said his country is seeking to resort to alternative energy after 2030 and halt reliance on oil as a major source of energy.

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