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Iraq could generate nearly three trillion Iraqi dinars ($2.3 billion) per annum from projects to expand its oil refineries, according to a member of parliament.
Mudhar al-Karawi presented a comprehensive strategic vision for expanding the country's oil refineries, emphasising that it would largely support the general budget which has suffered from persistent deficits due to reliance on volatile oil sales.
“This plan could support the state budget by at least IQD 3 trillion annually and contribute to creating several positive dimensions for the national economy,” he said, quoted by Baghdad Today news website.
"Expanding oil refineries in Iraq represents a strategic option with significant implications, based on approved technical and economic plans. Therefore, we must pursue this path because it achieves three fundamental objectives, most notably strengthening energy security, reducing dependence on imports, and maximising the added value of crude oil."
The MP said he believes this approach protects the country from fluctuations in global oil prices, especially since the market for refined petroleum products is one of the most important and fastest-growing markets in the world.
“Attempts to cast doubt on this programme are not based on any sound scientific or economic data. Therefore, it is essential to move forward with this project because it reflects a true understanding of energy and oil industry policies and aligns with the requirements of long-term strategic planning that the state should adopt.”
(Writing by N Saeed; Editing by Anoop Menon)
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