Oil: The government is moving to maximize production by establishing a number of refineries

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Oil: The government is moving to maximize production by establishing a number of refineries

Asim Jihad, the Ministry of Oil’s official spokesperson, confirmed on Monday that the government’s strategy is moving in the direction of maximizing the production of petroleum products by setting up a number of refineries and adding units to increase and improve the products.

“The strategy depends on offering a number of investment refineries, after offering seven investment opportunities in a number of governorates last year, with capacities ranging from 30 to 50 thousand barrels per day,” Jihad stated in an interview.

“The goal of investment is to increase production, transform crude oil into white products that cover local needs, then market the surplus to global markets and add financial revenues,” he continued.

“The strategic transformation depends on contracting with international companies, diversifying oil production, and not limiting crude oil exports,” he went on to say.

“Iraq is open to projects that generate additional revenues and enhance its economic role in the global market,” he said. “By strengthening the role of the refining industry with the start of production at the Karbala refinery with a capacity of 140 thousand barrels, the reconstruction and rehabilitation of the Al-Samoud refineries with a capacity of about 300 thousand barrels, and the entry of the fourth unit of the southern refineries,” he said. With 70 thousand barrels of capacity, the southern refineries now produce 200 thousand barrels.