Iraq to be self-sufficient in oil derivatives in two months
An aerial view of an oil refinery on the outskirts of the city of Karbala in central Iraq. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, said on Sunday that Iraq will be self-sufficient in oil derivatives in less than two months and will cut its annual import bill by more than $3 billion.
Al-Sudani’s remarks took place at the Al-Rafidain Forum for Dialogue, held in the Iraqi capital, Baghdad, according to a statement released on Monday by the Prime Minister’s Office (PMO).
The Iraqi government is aiming toward self-sufficiency in different energy-related areas, most notably gas and oil. Al-Sudani declared last year that Iraq will be completely self-sufficient in gas and will entirely end gas flaring and become a gas exporter in three to five years.
Nearly ten years after it was taken over by ISIS terrorists, Iraq reopened its biggest oil refinery in Baiji in the northern governorate of Salah Al-Din in late February.
Iraq and the French energy company TotalEnergies signed a massive $27 billion deal in July to set up four oil, gas, and renewable energy projects in southern Iraq over a 25-year period.
Originally scheduled to be signed in 2021, the contract was delayed because Baghdad insisted on having a 40 percent share in the deal.
The Iraqi government relies heavily on oil revenues to cover its expenses. Oil sales brought in $97.5 billion for the country in 2023, a considerable decrease from the record-breaking $115 billion in 2022.