2 days ago
Iraq studies investments in oil refineries in Asia
Baghdad ( – Iraqi government advisor Hatim Al-Fadli revealed on Tuesday that Iraq is studying investments in oil refineries in China, India, and other Asian countries, where the majority of the country's crude oil is exported.
Al-Fadli told Al-Sumeria News that study into possible projects will begin in the coming months, followed by discussions with potential partners in 2025-2026.
The initiative will include high-capacity oil refineries, allowing Iraq to export more crude oil and increase income, according to Al-Fadli.
Asian markets received about 75 percent of Iraq's 1.2 billion barrels of oil exports in 2024, generating more than $95 billion for the country.
The research will look into foreign investment in the refining sector, specifically in China, India, South Korea, Vietnam, and Indonesia.
Iraq chose this group of countries because of their growing energy consumption and large populations. These are massive consumer markets that will help Iraq retain its market share and diversify its exports.
Al-Fadli added that negotiations with possible partners in those countries might lead to agreements between 2026 and 2027, with projects including investments in existing refineries and the development of new ones.
