Image Credits Upsplash Maksym Kaharlytskyi, visual for illustration purposes
1 minute read

Iraq plans new investments to maximise oil revenue

It covers local and foreign markets.

OPEC’s second largest oil producer Iraq is working on a new investment plan involving projects inside and outside the country, its Prime Minister has revealed.

Mohammed Al-Sudani said the plan aims to maximise revenues and stop $5 billion annual imports of refined products and petrochemicals.

Sudani, speaking after Iraq’s largest oil refinery in the Northern Baiji city was re-commissioned on Saturday, referred to projects awarded to foreign companies over the past months to utilise Iraq’s massive associated gas potential.

In his comments, published by the official Iraqi News Agency on Sunday, Sudani said Iraq is still importing petroleum products although it produces over 4 million barrels per day of crude.

He added: “With the commissioning of Baiji, we are close to ensuring all our needs of petroleum products…we could attain this target by the middle of next year [2025] but our heroes could surprise us before that date.”

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