The oil law has not reached the government, and the Baiji refinery will operate within 6 months – Parliamentary Committee

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The oil law has not reached the government, and the Baiji refinery will operate within 6 months – Parliamentary Committee

The Parliamentary Oil and Gas Committee has confirmed that the proposed oil and gas law is still with the Ministry of Oil and has yet to be presented to the Parliament. This is due to political differences between the center and the region. On another note, the Baiji refinery is expected to function fully for the next 6 months.

In an interview with the official newspaper followed by the 964 network, committee member Bassem Ngheimesh stated that OPEC countries are determined to decrease oil production to stabilize oil prices, which is in the common interest of all member states. He also noted that the Ministry of Oil has significant projects planned that can compensate for the reduction in production.

During the next six months, the Karbala and Al-Samoud refineries will operate at full capacity, which will reduce the need for importing petroleum products from abroad.

Naghmish highlighted that the activation of the fifth licensing rounds, along with the fifth and sixth annexes, will contribute significantly towards achieving self-sufficiency in petroleum products and reducing the amount of gas imported from Iran. It’s important to note that any decision to reduce production will have an impact on the budget revenues.

He emphasized that the proposed law regarding oil and gas is still with the Ministry of Oil because of the differences in political views between the central government and the regional authorities. Although joint committees have been established, they have not resumed their work in the recent past.