Iraq To Convert 40 Pct Of Oil Production Into Manufacturing Industries

2025-01-28 08:04:57

(MENAFN- Kuwait News Agency (KUNA)) BAGHDAD, Jan 28 (KUNA) -- Iraqi Prime Minister Mohammad Al-Sudani said Tuesday that his government is working on a future vision aiming to convert 40 percent of oil production into manufacturing industries by 2030.
During an energy conference held in Baghdad, Al-Sudani said that Iraq has reduced the burning of gas by 70 percent, invested in natural gas, and expanded the production of petroleum derivatives ultimately making Iraq close to full self-sufficiency in fuel and moving towards exporting gas oil.
He stated that his government has proposed integrated energy projects to benefit more from oil production at a single site, most importantly the Artawi oil field in Basra Governorate and the seawater desalination and solar energy projects instead of gas investment.
Maximizing the non-oil economy is accompanied by maximizing returns from oil through expanding refining operations and petrochemical industries.
Al-Sudani said that with electricity production, his country is proceeding with electricity linkage projects with the GCC and Turkiye, reaching the electricity grid in the EU to have a diverse energy sector.
Renewable and clean energy projects in Iraq will add 4,875 megawatts upon completion, while the Central Bank of Iraq provides loans totaling USD 757 million to purchase solar home systems. (end)
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