Parliamentary committee: Government plans to increase oil production to more than 5 million barrels per day

INA-  Baghdad


The parliamentary oil and gas Committee, on Sunday, identified the most importing countries of Iraqi oil, while pointing out that the government has made plans to increase oil production to more than 5 million barrels per day.

Member of the committee, MP Zeinab Juma al-Mousawi, told the Iraqi News Agency (INA):"the committee supports the government's directions to increase oil and gas reserves and increase national production of crude oil and gas, as well as processing the gas associated with oil operations and converting it into wealth and useful productive energy that covers the local need, especially electric power plants, petrochemical industry, fertilizers and others by inviting sober foreign companies in addition to exporting the surplus to world markets to achieve financial revenues that supply the state treasury in support of the national economy and sustainable development and provide new job opportunities.

She added that" the parliamentary oil, gas and Natural Resources Committee stresses the need to provide the appropriate environment for investment by providing protection and facilities for investment companies and making geographical areas available for investment, "stressing the need"not to neglect the fields managed by national companies to create competition with international companies, and increase the net profits from national companies.

She pointed out that "Iraqi oil is one of the most important oils imported by foreign countries, headed by India, China and South Korea, where the total of these countries have acquired Iraqi oil about 54% since the beginning of this year, in addition to the countries of Singapore, the Netherlands, Turkey, Greece, Egypt, the United States, Italy and France," indicating that "Iraq achieves billions of dollars from the sale of oil, which contributes to building the country's general budget in both investment and operational fields.”

"The parliament supports the government's efforts to increase oil production to more than 5 million barrels per day,"she stressed.