Iraqi Oil Will Sustain Global Markets For Over 120 Years, Confirms Prime Minister Mohammed Shia Al-Sudani

During the Baghdad International Energy Forum, Iraqi Prime Minister Mohammed Shia Al-Sudani announced that discussions had taken place to revive the Iraqi-Syrian export line. This initiative aims to diversify Iraq's export routes and enhance crude oil transport flexibility. The government has commenced work on a 685-kilometre pipeline from Basra to Haditha, aligning with this strategy.

Al-Sudani highlighted Iraq's commitment to maintaining its role in global oil markets for over 120 years, despite its export share not matching its reserves and production capacity. He emphasised Iraq's openness to foreign oil companies interested in investing in the country's oil and gas sectors.

The Prime Minister also addressed efforts to eliminate the flaring of associated gas, achieving full utilisation of 1,300 million standard cubic feet. This move is part of a broader strategy to optimise Iraq's oil wealth management through various initiatives.

Al-Sudani outlined plans for expanding current refinery capacities and launching the Karbala refinery. Additionally, all refining units across Iraq are being developed, with six investment opportunities announced in the refinery sector to foster private sector partnerships.

A strategic goal has been set to transform at least 40% of Iraq's oil exports into high-value derivatives by 2030. This shift from crude oil exports is already underway through new projects based on this vision.

With inputs from WAM