Sunday, November 24, 2024
PM Al-Sudani orders operation of Karbala Oil Refinery by 2025, 24 NOV
PM Al-Sudani orders operation of Karbala Oil Refinery by 2025
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani directed the commencement of operations at the Karbala Oil Refinery starting in early 2025.
This directive was issued during a special meeting he chaired to review and discuss the continuation of operations at the refinery, according to a statement from the PM's media office.
“The meeting addressed the handover and operational mechanisms for the Karbala Oil Refinery following the completion of construction by the Korean company JV. Discussions emphasized ensuring the refinery operates at full capacity. The refinery is expected to contribute 17% of Iraq’s domestic production of oil derivatives,” as per the statement.
The Prime Minister also directed the formation of “a committee within the Ministry of Oil to establish an operational framework for the refinery starting next year. He emphasized the strategic importance of the project, noting that it is the first refinery in Iraq to utilize modern technologies. ”
The Karbala Oil Refinery has been undergoing intensive maintenance work, which has rendered it out of service since September 25. The refinery has an estimated production capacity of around 150,000 bpd.
Iraq aims to increase its crude oil production and direct a significant portion of this production to refining facilities, which are currently being upgraded to boost their capacities, aiming to achieve self-sufficiency in gasoline as soon as possible.
Iraq plans to raise its crude oil refining capacity to 1.14 million bpd by adding new units to existing refineries. The country announced the opening of the Karbala Oil Refinery with a production capacity of up to 150,000 bpd in April 2023.
In June 2024, the Iraqi Ministry of Oil confirmed its full commitment to compensating for any surplus in production since the beginning of 2024. This comes after secondary sources estimated that Baghdad exceeded its assigned quota by approximately 203,000 barrels in May.
Iraq’s Al-Sudani discusses "governance" of Development Road with international consulting firm, 24 NOV
Iraq’s Al-Sudani discusses "governance" of Development Road with international consulting firm
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani met with a delegation from Oliver Wyman, an international consulting firm, to discuss the long-term “governance” of the Development Road Project in line with future advancements.
According to a statement from Al-Sudani’s media office, discussions focused on “the key principles of the economic model for the Development Road Project, including details that provide the project with significant advantages.”
“The discussion also covered ideas related to the project’s governance on both a temporary and long-term basis, ensuring alignment with major advancements in this field and consistent with the government’s vision for administrative reform and the transition to electronic governance systems,” the statement added.
What is the Development Road Project?
Iraq’s Development Road project, officially launched during Turkish President Tayyip Erdogan's visit to Baghdad in April, is set to become a cornerstone of regional trade and economic growth. Iraqi Prime Minister Mohammed Shia Al-Sudani says that the vital Road project "will transform Iraq from a landlocked country to an open one."
The project features a 1,275-kilometer (792-mile) rail and road network designed to streamline the movement of goods between Europe and the Gulf region. It is anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.
The investment budget for the project is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion designated for an electrified railway.
In addition to transforming regional trade dynamics, the Road Project is forecasted to create 100,000 jobs in its first phase and potentially up to one million jobs upon completion.
GOLDILOCKS: WTO ACCESSION PROGRESS OF IRAQ , 24 NOV
GOLDILOCKS
The Secretariat plans to organize a Round Table to discuss Iraq's technical assistance needs to further facilitate its accession process.
The Chair suggested that the fourth Working Party meeting could be scheduled for the first quarter of 2025, contingent on the progress of the outlined steps.
https://www.wto.org/english/news_e/news24_e/acc_18jul24_e.htm#:~:text=The%20Secretariat%20plans%20to%20organize,progress%20of%20the%20outlined%20steps.
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