The Ministry of Oil has outlined its strategic plan to convert 40% of Iraq’s crude oil into refined derivatives and joint-stock ventures. The Ministry also highlighted that the completion of the fixed gas platform project at the Grand Al-Faw Port will play a key role in stabilizing the operation of power plants, contributing significantly to the country’s economic security.
Hamid Younis, Deputy Minister of Oil for Refining Affairs, shared that the government is actively working on projects designed to convert crude oil into valuable derivatives. “We have ongoing projects in Maysan, Nasiriyah, Diwaniyah, Doura, Qayyarah, and Haditha, with capacities ranging from 70,000 barrels per day in each location. In total, these projects will produce up to 420 million barrels,” Younis said. He also mentioned that the upcoming Al-Faw Refinery project, which is set to be finalized soon, will add a further 300,000 barrels per day to the country’s refining capacity, bringing the government’s conversion efforts to well beyond 40% of the target.
In addition to the refining initiatives, Younis emphasized the importance of the fixed gas platform project in the Grand Al-Faw Port. “This project is crucial for both the import and export of gas, but its main contribution will be ensuring a stable supply of dry gas to power plants,” he explained. The dry gas, which cannot be stored in tanks, poses challenges to power plant operations. By converting the gas to a liquid state, the project would allow for the gas to be restored to its gaseous form when needed, ensuring an uninterrupted supply to electricity generation.
“The success of this project will help stabilize the country’s power grid and reduce downtime at power stations, reinforcing Iraq’s economic security,” Younis concluded.
