Economy Insights – Project Update
The General Company for Hydraulic Industries, a subsidiary of the Ministry of Industry and Minerals, has announced significant progress in its new initiative to mobilize and manufacture industrial oils. This project is being executed in collaboration with the private sector and supported by Chevron International.
Eng. Ahmed Jamil, the company’s general manager, emphasized that the industrial oil project is a key endeavor within the company’s broader vision to enhance production capabilities. This initiative aims to provide a diverse array of locally produced industrial oils that align with Iraq’s industrial development goals, leveraging technology from Chevron and creating both direct and indirect job opportunities.
The project includes a state-of-the-art factory equipped with two production lines of Spanish and German origin, designed to produce high-quality industrial oils with an annual capacity of 40,000 barrels. Additionally, the facility will manufacture plastic packaging ranging from 1 to 25 liters, tailored to meet local market demands. There is also a plan to incorporate a line for producing Finadium inhibitors, utilized with heavy fuel in electricity generation stations.
Eng. Jamil further stated that the project employs modern, automated production technology and features a comprehensive laboratory outfitted with the latest analytical equipment for testing all types of oils. Work on the project is progressing rapidly, with an achievement rate of 86%, and completion is anticipated for May.
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