Hamid Al-Zobaie, Undersecretary of the Ministry of Oil, said in statements to local media on Saturday, that «the Iraqi Ministry of Oil has a plan to raise the refining capacity of crude oil from the current capacities of 680 thousand barrels per day to one million and 140 thousand barrels per day during the next two years, by adding new units to the current refineries. Operating in Baghdad, Basra and Baiji, or by building new refineries with a capacity of 150,000 barrels per refinery in the governorates of Maysan, Kirkuk and Dhi Qar to bridge the internal consumption of oil derivatives and building the Faw refinery in Basra Governorate, with a capacity of 300,000 barrels per day for export purposes and completing the construction of the refinery in the province Karbala, currently under construction, with a capacity of 140 thousand barrels per day.
The Undersecretary of the Iraqi Ministry of Oil added that «the Ministry of Oil will establish refineries according to the latest technologies and convert black oil to producing large quantities of high-octane gasoline and hydrogenated gas oil fuel and raise the quality of products and quantities by adding naphtha isomerization units and black oil to light derivatives».
Last month, Iraqi Oil Minister Ihssan Abdul-Jabbar revealed that his country is able to raise the production capacity of crude oil from 5 to 7 million barrels per day, but the oil-producing countries agreement (OPEC) set levels of Iraq’s share of crude oil production with a ceiling of 3 million and 800 A thousand barrels per day.
The Iraqi minister described the agreements reached with the American companies, “Chevron”, “Baker Hughes” and “Hanwell”, as “very important for Iraq because we plan in the future to reduce the cost of producing a barrel of oil produced by using modern technology to compete in the global market, as well as increasing it.” The market value of a barrel of oil with the least possible impurities and the development of the refining industry, as well as thinking towards alternative energy, and all this will be secured by these companies for Iraq.
He stressed, “We in Iraq still believe that energy is oil only, and this is not true. We have to think about the future of energy through an agreement with major international oil companies.”
He added: “After the end of the Coronavirus phase, we must work towards alternative energy, because all Iraqi projects and contracts to develop gas production to meet the requirements for electric power production will only secure 80 percent of Iraq’s electrical energy need for the year 2030, and therefore Iraq will still need to import Gas or go to alternative energy to fill the shortage ».
He said, “We now have giant projects for the development of the gas industry in the process of completion, reaching 80 percent, but the conditions in Iraq due to the Corona virus have caused the companies’ work to be delayed, and we are working to make Iraq in 2025 reach an advanced stage of stopping gas burning.”
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