We support plans to increase oil production to 8 million barrels per day by 2027, Oil Committee says

 
 
Baghdad-INA
 
The Oil, Gas and Natural Resources Committee announced on Friday, huge investments in the oil refining sector during the coming period, indicating that the Prime Minister, Muhammad Shia Al-Sudani seeks to secure fuel needs and reduce the import bill.
 
"The Committee supports plans aimed at increasing Iraqi oil production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in natural gas, to meet the country's needs that force us to import gas to operate power plants and industrial facilities, MP and Committee member Zainab Juma al-Mousawi told the Iraqi News Agency (INA)." stressing "the need to develop plans for the oil industry."
"The Commission also relies on the development of the oil sector by relying on national companies while supporting foreign companies because oil is the lifeblood of the Iraqi economy, The development of the oil sector will have the financial resources to invest in building real human and material capital that will generate production and develop other economic sectors and sufficient to compensate society for the loss of a depleted natural resource through inclusive economic and social development, " Al-Mousawi added.
 
She continued, "We are expecting huge investments during the coming period in the oil refining sector in Iraq, and there are efforts by the government of Prime Minister Muhammad Shia' al-Sudani to secure the country's fuel needs and reduce the import bill."
 
She pointed out that "The refineries will be offered for investment by the Ministry of Oil after completing the papers and information related to the refinery portfolios that will be announced in the northern, central and southern governorates," stressing that "the Parliamentary Oil and Gas Committee supports the ambitious plans of the Ministry of Oil to increase refining capacities in the country."