Prime Minister Mohammed Shia al-Sudani confirmed today, Thursday, that the government has put in place clear practical steps aimed at diversifying the Iraqi economy away from total dependence on oil revenues.
Al-Sudani said in a speech during the opening and launch of several projects in the oil sector in Baiji district in Salah al-Din Governorate, which was followed by the / Al-Maalouma / agency, that “the government has worked since the first days of assuming its duties to reconsider the philosophy of the Iraqi economy based on rentierism, and to put in place practical steps, not theoretical ones, in the matter of diversifying the economy.”
He pointed out that “Iraqi competencies have begun to manufacture and establish units in refineries, which gives value to the product and drives market stability. A country that produces more than 4 million barrels per day cannot continue to import oil and gas derivatives.”
He added: “We have started several strategic projects that are being implemented for the first time in the country and in the history of the oil industry, and we have made great strides in solving the problems, especially in the issue of gas flaring, through The contracts and agreements concluded, and we have set a ceiling not exceeding 2028 to stop gas flaring and a zero percent rate in flaring associated with gas, and we are continuing to promote the patches and fields for free gas.”
He pointed out that “the projects that were opened and construction was launched today are important to achieve a shift in the oil industry,” directing “the Ministry of Oil to complete the studies for the petrochemical project and the FCC project in Baiji.”
He announced “a plan to make Baiji the largest oil industrial city in Iraq and the region,” noting “work to adopt international standards and environmentally friendly quality.”
He pointed out that “work is underway to complete the strategic integrated southern project, which is being implemented for the first time in the field of oil development and gas investment, and to establish a power station, refinery and petrochemical plant in one place.”
