Value of importing oil derivatives to be reduced by $2 billion: ministry
ERBIL, Kurdistan Region — The Ministry of Oil announced on Saturday, it will reduce the value of importing oil derivatives by $ 2 billion dollars in the near future, state media reported.
Oil Minister Ihsan Abdul-Jabbar said the ministry has completed three projects in al-Wasat Refinery Company at al-Dora Refinery in Baghdad, which will reduce the value of importing oil derivatives.
Abdul Jabbar said a new isomerized unit and hydrogen plant in the refinery produce more quantities of improved high-octane gasoline, in addition to a set of light derivatives.
The project will contribute to reducing the import of oil derivatives by more than 50 percent.
"The new projects completed by the Central Refineries Company's staff will reduce the import value of oil derivatives by 90 percent by the end of 2022, in addition to providing job opportunities," the minister said.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies will continue increasing oil production as the global economy “continues to point in the direction of a durable recovery,” the organization’s secretary general said earlier this month, with oil prices jumping to a new high.
Saudi Arabia has expressed its desire to invest in gas projects and the petrochemical industry in Iraq, according to a Monday statement from the Ministry of Oil.
Iraq’s economy depends mainly on exporting oil. In return, the country imports gas and refined products, especially from Iran.
Oil Minister Ihsan Abdul-Jabbar said the ministry has completed three projects in al-Wasat Refinery Company at al-Dora Refinery in Baghdad, which will reduce the value of importing oil derivatives.
Abdul Jabbar said a new isomerized unit and hydrogen plant in the refinery produce more quantities of improved high-octane gasoline, in addition to a set of light derivatives.
The project will contribute to reducing the import of oil derivatives by more than 50 percent.
"The new projects completed by the Central Refineries Company's staff will reduce the import value of oil derivatives by 90 percent by the end of 2022, in addition to providing job opportunities," the minister said.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies will continue increasing oil production as the global economy “continues to point in the direction of a durable recovery,” the organization’s secretary general said earlier this month, with oil prices jumping to a new high.
Saudi Arabia has expressed its desire to invest in gas projects and the petrochemical industry in Iraq, according to a Monday statement from the Ministry of Oil.
Iraq’s economy depends mainly on exporting oil. In return, the country imports gas and refined products, especially from Iran.