a day ago
Iraq Approves Measures to Boost Domestic Industrial Oil Production
By John Lee.
The Iraqi Cabinet has approved the recommendations of the committee tasked with reviewing and addressing issues related to locally produced and imported industrial oils, as part of broader efforts to strengthen the domestic manufacturing sector.
Key decisions include: Formation of a committee chaired by the Deputy Minister of Oil, with members from the Federation of Industries, the Central Organisation for Standardisation and Quality Control (COSQC), technical and economic departments of the Ministry of Oil, Midland Refineries Company (MRC), Organised Crime Directorate, Industrial Development Directorate, Customs, Border Crossings Authority, and private-sector blending and packaging facilities. The committee is mandated to monitor developments related to the product reports, engage relevant stakeholders to address obstacles to production, blending, packaging, and marketing, and promote modern specifications to support domestic manufacturing. The ultimate goal is to phase out imports and prepare export plans for surplus production. The committee will review production and manufacturing trends for motor oils based on reports from regulatory and technical bodies, focusing on volumes and types produced. The aim is to support local industry, attract private investment, create youth employment, reduce reliance on imports, and open up export opportunities under an incentive-driven framework.
These measures are part of Iraq's broader industrial policy to develop competitive local products and encourage sustainable economic growth.
(Source: Iraqi Government)
