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POLICY REFINING Diwaniyah refinery with a capacity of 70
thousand barrels, in addition to the imminent
PM Masrour Barzani meets Oil Ministry offers start of actual production of the Karbala
oil refinery with a capacity of 140 thousand
with top Iraqi judicial investment opportunities in barrels per day.
IRAQI NEWS
official refining sector

Kurdistan Region Prime Minister (PM) The Iraqi Minister of Oil, Hayan Abdul- FUELS
Masrour Barzani on Wednesday met with Ghani, announced on Wednesday that a
Iraqi Supreme Judicial Council Chairman number of investment opportunities will soon CBN: subsidy costs N5.41trn
Faiq Zedan in Baghdad. be offered in the refining sector, according to
“The two sides agreed on the importance the Oil Ministry statement cited by the Iraqi in 10 months
of resolving the issues between the Kurdistan News Agency (INA).
Region and the federal government on the Abdul-Ghani explained that a number Against the background of a lingering fuel
basis of the constitution and in the interest of investment opportunities will soon be scarcity that has negatively affected socio-
of all Iraqi citizens,” the Kurdistan Regional presented in the refining sector in some economic activities, latest data released by the
Government (KRG) said in a statement. governorates in northern, central and Central Bank of Nigeria (CBN) shows that the
Iraq’s Federal Court in February southern parts of the country, the statement country spent a total of $12.44billion (about
claimed that the Kurdistan oil and gas law mentioned. N5.41trillion) on importation of petroleum
“unconstitutional”, a decision the KRG has The ministry, within plans to increase products between January and October last
strongly rejected, and described as “politically refining capacities, will offer investment year. Specifically, New Telegraph’s analysis of
motivated”. opportunities in the Al-Amarah refinery in the October 2022 Economic Report as well as
The Kurdish PM arrived in Baghdad on an Maysan governorate with a capacity of 150 the Q3’22 Economic Report recently released
official visit early Wednesday. He has also met thousand barrels per day, the Muthanna by the apex bank indicates that petroleum
with the Iraqi president, the Iraqi PM, and the refinery with a capacity of 100 thousand products import gulped $1.24 billion in
Jordanian speaker of parliament. barrels per day, the Kirkuk refinery with a October and $3.73billion and $3.26billion in
PM Barzani on Wednesday discussed capacity of 100 thousand barrels per day, Q3 and Q2’22 respectively.
Kurdistan’s share in the federal budget with and the Qayyarah refinery with a capacity of Given that the CBN had stated in its Q1’22
Iraqi PM Mohammad Shia’ Al-Sudani and 70 thousand barrels per day, the statement Economic Report that $4.21billion was spent
the outstanding issues between Erbil and explained. on petroleum products import between
Baghdad, the 2023 Iraqi budget, oil and gas The opportunities also include an January and March last year, it means the
law, the disputed territories, and Peshmerga additional unit with a capacity of 70 thousand country spent a total of $12.44billion on the
forces. barrels per day to be added to Dhi Qar oil imports in the first 10 months of 2022.
The Iraqi Supreme Judicial Council is refinery which already produces 30 thousand While Nigeria is one of Africa’s largest crude
the highest judicial authority in the country barrels, in addition to the establishment of a oil producers, the country’s inability to ensure
and consists of several courts, including new refinery in Dhi Qar governorate with a that its four refineries, with a combined
the Federal Court of Cassation and Public capacity of 150 thousand barrels per day, the capacity of 445,000 barrels per day (bpd),
Prosecution. statement revealed. efficiently process oil, meant that it depended
KURDISTAN24 The Ministry of Oil announced earlier heavily on petroleum products import.
it is adding a new production unit in the So, even when external shocks, such as

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