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Iraq Starts Expansion of Shinafiyah Refinery 

An Iraqi flag is seen at an oilfield. (Reuters)
An Iraqi flag is seen at an oilfield. (Reuters)
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Iraq Starts Expansion of Shinafiyah Refinery 

An Iraqi flag is seen at an oilfield. (Reuters)
An Iraqi flag is seen at an oilfield. (Reuters)

Prime Minister Mohammed Shia al-Sudani announced on Saturday the beginning of the Shinafiyah refinery expansion in Al Diwaniyah in southern Iraq. 

During his visit to the province, the PM confirmed the government will to develop the oil sector and complete the projects that meet the needs of the people.  

The Iraqi News Agency cited Sudani as saying: "Designs have been put in place for the expansion of Shinafiyah refinery, which will increase the production capacity of the refinery from 20,000 to 90,000 barrels per day, in addition to a refining unit with a capacity of 70,000 barrels per day."  

He stressed that he directed that production be compatible with environmental requirements.  

The Prime Minister stated that this increase would help in reducing the import of gasoline and gas oil, and the provision of surplus quantities of liquid gas and fuel oil products, which have a significant economic return.  

“The project will also provide up to 3,000 job opportunities, to employ local manpower," he added.  

According to shipping data, Iraq also increased exports to Europe by more than 20 percent in the past five months.  

European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialize.  

Iraq, OPEC's second-largest producer behind Saudi Arabia, has been pumping about 4,652,000 barrels of crude a day this year. It plans to increase oil production to eight million barrels per day (BPD) by the end of 2027. 

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Egypt Targets 10 mln Ton Wheat Harvest

A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt Targets 10 mln Ton Wheat Harvest

A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt expects to harvest 10 million tonnes of wheat this year, up from 9 million in 2023, driven by improved crop yields and ambitious land reclamation efforts, Agriculture Minister Alaa Farouk told Reuters late on Wednesday.

He said 3.1175 million feddans (about 1.30 million hectares) have been cultivated this season — slightly lower than the 3.5 million feddans announced earlier by the planning ministry and 3.2 million feddans in 2024 (1.34 million hectares), suggesting a possible decline in total wheat area.

Farmers have told Reuters that wheat has become less profitable compared to crops like beet, whose area increased from 500,000 feddans (210,000 hectares) to 700,000 feddans (294,000 hectares) this year.

The government plans to buy 4-5 million tonnes of local wheat and import about 6 million tonnes to provide heavily subsidised bread for over 69 million Egyptians.

Farouk said newer high-yield wheat strains developed by the Agricultural Research Center have raised productivity by 7-8.5%.

"This is vertical expansion, and horizontal expansion is coming," he said.

That horizontal expansion is led by the Mostakbal Misr for Sustainable Development, which plans to reclaim 4 million feddans across the country.

Farouk said some of that land is ready for production and the rest will follow in the next two years, offering major opportunities for agricultural investment.

Mostakbal Misr, recently tasked with wheat imports, is also developing infrastructure and growing crops tailored to local consumption, exports and agri-processing, Farouk said..

Farouk added the government is studying a potential rise in local fertilizer prices. Urea and nitrate fertilizers cost around 9,500 Egyptian pounds ($185) per tonne to produce but are sold at a subsidized 4,500 ($87.63). Export prices reach up to 20,000 pounds ($389.48), Farouk said.