(MENAFN- Nam News Network) BAGHDAD, Nov 6 (NNN-NINA) – Iraqi Prime Minister, Mohammed Shia' al-Sudani, yesterday said, the country had halted the import of oil derivatives, declaring the move“a significant step” in the government's systematic economic reform agenda.

Speaking to a gathering of tribal leaders, dignitaries, and social figures in Baghdad, al-Sudani said,“We have stopped the import of oil derivatives, which used to cost us around six trillion Iraqi dinars (over 4.5 billion U.S. dollars),” according to a statement by his media office.

The suspension of direct oil imports followed three years of government efforts, that resulted in the construction of new refineries, as part of a broader strategy, to enhance domestic production and achieve self-sufficiency, the statement said.

Al-Sudani also highlighted the parallel efforts, to eliminate gas flaring, which“costs us four billion dollars annually,” and hinders“energy independence.”

According to local media reports, al-Sudani on Tuesday issued directives, to immediately halt the import of gasoline, gas oil (diesel), and kerosene.

Iraq's economy relies heavily on crude oil exports, which account for about 90 percent of the country's revenues.– NNN-NINA

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