logo
Iraq increases Diwaniyah refinery's capacity to 90,000 bpd

Iraq increases Diwaniyah refinery's capacity to 90,000 bpd

Iraqi News07-07-2025
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed on Monday that the government started adding a refining unit with a capacity of 70,000 barrels per day to the Diwaniyah refinery.
The step will increase the refinery's production capacity to 90,000 barrels per day, according to a statement cited by the state-run news agency (INA).
The five-year project is designed to expand Iraq's capacity to produce oil derivatives, cover local fuel demand, and achieve self-sufficiency.
The initiative is part of the Iraqi government's attempts to modernize the oil sector, enhance product quality, and increase output.
Under a deal worth $800 million, the Diwaniyah refinery in Iraq is undertaking a significant expansion project.
The upgrade includes units for liquefied gas processing, naphtha hydrotreating, gasoline upgrading, and isomerization, as well as other critical service facilities.
In February, Iraqi Prime Minister Mohammed Shia Al-Sudani attended a ceremony to sign a deal between the state-owned Midland Oil Company (MOC) and a local private company to modernize the Diwaniyah refinery.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Iraq unveils ambitious five-year plan to boost economy and infrastructure
Iraq unveils ambitious five-year plan to boost economy and infrastructure

Iraqi News

time5 hours ago

  • Iraqi News

Iraq unveils ambitious five-year plan to boost economy and infrastructure

Baghdad ( – Iraq's Ministry of Planning on Monday unveiled an ambitious five-year National Development Plan for 2024-2028, laying out a strategic roadmap aimed at diversifying the economy, modernizing infrastructure, and fostering sustainable growth. Ministry spokesperson Abd al-Zahra al-Hindawi told the Iraqi News Agency (INA) that the comprehensive plan is built on five main programs. These pillars include bolstering human capital through education and health, implementing economic and administrative reforms to improve the business environment, and upgrading infrastructure in key sectors like agriculture, industry, and tourism. A central focus of the plan is economic diversification, steering the country towards competitive industries and strengthening local production chains. Crucially, the strategy champions major strategic projects designed to enhance Iraq's regional and international economic ties, most notably the Development Road project and the Al-Faw Grand Port. The plan, drafted by 15 specialized committees involving government, private sector, and academic experts, also integrates modern concepts like e-governance and innovation. An integrated monitoring and evaluation framework has been established to ensure its efficient and effective implementation.

Iraq approves new export routes and business reforms
Iraq approves new export routes and business reforms

Iraqi News

time11 hours ago

  • Iraqi News

Iraq approves new export routes and business reforms

Baghdad ( – Iraq's Ministerial Council for Economy took significant strides on Monday to bolster national industries and streamline business, approving a series of measures aimed at strengthening the country's economic footing. In a major boost for Iraqi industry, the council approved a request from the Ministry of Industry to allow the Baghdad Petrochemical Refinery Company to export oxidized asphalt through the Trebil border crossing, opening up new avenues for international trade and revenue. Further enhancing Iraq's appeal to international partners, the council also approved a recommendation to simplify procedures for foreign companies. The move exempts firms involved in supply or consulting contracts from the requirement of opening a local branch, reducing bureaucracy and making it easier to do business in the country. The meeting, chaired by Deputy Prime Minister Fuad Hussein, also addressed the crucial issue of national economic integration. A permanent committee will be formed, including representatives from the federal government and the Kurdistan Region, to unify customs tariffs and procedures across all of Iraq's border crossings, promoting seamless trade nationwide. Discussions also centered on improving the overall business environment, with the council affirming its commitment to implementing reforms that simplify procedures, update legislation, and embrace digital technology. These coordinated decisions underscore a determined effort by the Iraqi government to create a more robust, unified, and attractive economy for both domestic and international enterprise.

US dollar exchange rate remains stable in Baghdad, rises in Erbil
US dollar exchange rate remains stable in Baghdad, rises in Erbil

Iraqi News

time11 hours ago

  • Iraqi News

US dollar exchange rate remains stable in Baghdad, rises in Erbil

Baghdad ( – The exchange rate for the US dollar compared to the Iraqi dinar remained stable on Monday in Baghdad and slightly rose in the capital of the Kurdistan region of Iraq, Erbil. The US dollar exchange rate remained stable in Baghdad's Al-Kifah and Al-Harithiya stock exchanges, reaching 1,398 Iraqi dinars throughout the day. The exchange rate in currency exchange shops in Baghdad remained stable, ranging between 1,410 Iraqi dinars and 1,390 Iraqi dinars, Shafaq News reported. In Erbil, the US dollar exchange rate slightly rose, fluctuating between 1,397.5 and 1,397 Iraqi dinars. The Central Bank of Iraq (CBI) said in February 2023 that it has begun using the new US dollar exchange rate of 1,300 dinars to every US dollar. The previous official exchange rate was 1,450 dinars to one US dollar, which was being exchanged in the parallel market at a rate of 1,550 dinars. While the official exchange rate was 1,450 dinars per dollar in January 2023, the US currency was being exchanged at 1,610 dinars during the same month in the parallel market in Iraq. This variation represented more than 10 percent difference in exchange rates.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store