Economy News – Baghdad
The Ministry of Oil is on the verge of achieving self-sufficiency in the refining sector, with ongoing initiatives in renewable energy projected to generate two thousand megawatts.
According to the Ministry’s advisor, Abdel-Baqi Khalaf, the Ministry of Oil is actively engaged in developing and implementing governmental plans in renewable energy, with a focus on minimizing the carbon footprint, reducing methane emissions, and electrifying production activities. The Ministry is committed to maximizing the investment of associated gas, achieving a 70 percent investment rate to mitigate emissions, while the remaining portion is under full contract.
The Ministry is undertaking critical projects aimed at eliminating gas flaring, with solar energy initiatives including a 1,000-megawatt project with Total, 400 megawatts at Basra Gas, and an additional 200 megawatts among various projects, all contributing to the total of approximately two thousand megawatts. These solar projects also support the operational needs of the Ministry’s offices and administrative units.
Khalaf emphasized Iraq’s commitment to achieving self-sufficiency in the refining sector, addressing previous technical challenges faced by some refineries. He noted that even during peak demand periods, the Ministry has developed plans to assess and meet the necessary quantities for fuel supply, particularly for refined products such as gasoline and gas oil. Additionally, there is a strategic direction towards establishing investment refineries, including the FAO investment project and another in Dhi Qar.
The advisor also highlighted the existence of support units for refineries, such as the fuel tanker unit in the Basra refinery with a capacity of 30,000 barrels, alongside a heavy products breaking unit.
To receive more business updates, subscribe to our channel on Tilekram