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Iraqi News
6 days ago
- Business
- Iraqi News
Iraq to achieve self-sufficiency in refined fuels by year-end, Oil Minister tells IBBC
London ( – Iraq will stop importing refined white products (like gasoline and diesel) and achieve self-sufficiency by the end of 2025, potentially exporting surplus, Oil Minister Hayyan Abdul Ghani Al-Sawad announced Wednesday (June 4, 2025). Speaking at the Iraq Britain Business Council (IBBC) conference in London, he detailed significant energy sector advancements. This milestone is driven by increased domestic refining capacity, including the Karbala refinery and expansions in Basra and northern Iraq, boosting output by 360,000 bpd. Al-Sawad also highlighted major strides in associated gas investment, with utilization rising from 53% to over 70% through projects like Basra Gas and Halfaya, and upcoming developments in Akkas and Mansouriya fields offering international partnership opportunities. The Minister showcased the comprehensive TotalEnergies integrated project (oil, gas, solar, water injection) and progress on a major pipeline parallel to the Development Road. He emphasized Iraq's reform programs under PM Al Sudani aim to maximize resource value and foster partnerships. 'Iraq is opening up to the world with a partnership-based approach,' Al-Sawad stated, inviting quality contributions from British firms in conventional and renewable energy, citing an existing BP deal in Kirkuk.
Iraq Business
18-02-2025
- Business
- Iraq Business
IBBC Conference: Iraq Prioritises Gas Investment to Boost Growth
By John Lee. Iraq's Minister of Oil, Hayan Abdul Ghani, highlighted the government's commitment to gas investment as a key driver for economic and industrial development at the Iraq Britain Business Council (IBBC) Baghdad Conference on Monday. He outlined Iraq's major achievements in the oil and gas sector, including: Adding 380,000 barrels per day to refining capacity. Achieving self-sufficiency in diesel and kerosene production. Covering 80% of gasoline demand, reducing imports. Advancing gas projects, including the installation of a floating platform at Khor Al-Zubair port to import 500-600 mmscfd of LNG. Abdul Ghani emphasized Iraq's strategy of integrated projects, linking oil production, gas utilization, power generation, refining, and petrochemical industries. He cited the reactivation of fifth licensing round contracts, the development of Akkas (400 mmscfd) and Mansouriya (300 mmscfd) gas fields, and the award of 14 new gas exploration blocks. Iraq has also completed key gas processing projects, including Basra Gas BNGL (200 mmscfd) and Halfaya (300 mmscfd), with further expansions planned. The TotalEnergies South Iraq Integrated Project will capture 600 mmscfd of gas, boost oil production to 210,000 bpd, and implement a 5 million bpd seawater injection project. On renewable energy, Iraq has secured commitments for 8,000 MW of solar power at oil field sites. Meanwhile, the government is progressing with a 700 km, 56-inch oil pipeline from Basra to Haditha, supporting domestic refineries and export capacity. Regarding Kurdistan's oil exports, Abdul Ghani confirmed that the Iraq-Turkey Pipeline (ITP) will be reactivated following amendments to the budget law, with ongoing arrangements for implementation. He reiterated Iraq's commitment to carbon reduction, stating that oil-producing nations can play a critical role in energy efficiency and ensuring competitiveness through low-carbon crude production. (Source: Ministry of Oil)
