On Friday, the Oil, Gas, and Natural Resources Committee announced significant investments in the oil refining sector. They confirmed their support for a plan to increase production to 8 million barrels of oil per day by 2027. Additionally, Prime Minister Muhammad Shia’a al-Sudani aims to secure fuel needs and reduce the import bill.
Committee member Zainab Juma al-Moussawi stated that the committee supports plans to increase Iraqi oil production to 8 million barrels per day by 2027, as well as achieve self-sufficiency in natural gas to meet the country’s needs, which currently forces them to import gas to operate gas stations, electricity, and industrial facilities. She also emphasized the need to develop plans for the country’s oil industry.
Al-Moussawi stated that the committee relies on national companies, supported by foreign ones, to develop the oil sector. Oil is crucial to the Iraqi economy, and its development will provide funds to invest in human and material capital, leading to production creation and development. This will compensate for the loss of natural resources and achieve comprehensive economic and social development.
“The government is working to secure Iraq’s fuel needs and reduce the import bill due to expected large investments in the oil refining sector,” she said.
According to him, once the paperwork and refinery portfolios are complete, the Ministry of Oil will offer refineries for investment in the northern, central, and southern governorates. He emphasized that the Parliamentary Oil and Gas Committee supports the Ministry’s plan to increase refining capacities.
