Iraq Aims to Maximize Added Value of Oil Exports

Oil Minister Bassem Mohammed Khudair outlined his vision for the next phase of development in Iraq's oil and gas sector, which includes increasing production and exports, diversifying export outlets, developing refineries, investing in gas, and reducing flaring.

Khudair noted that international companies have achieved significant milestones under the government's support, including raising oil exports from 200,000 barrels per day to over 3 million barrels per day this month.

The Minister emphasized the importance of refining capacity and sustainability of production, aiming for self-sufficiency and then exporting petroleum products. He announced that opportunities in this sector will be announced soon and invited companies and investors to compete.

Khudair also highlighted the Ministry's success in persuading Japanese company JGC to return to Iraq and resume work on the FCC project at southern refineries, a significant step towards increasing refined petroleum production.