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According to Prime Minister Mohammed Shia’ al-Sudani, Iraq will announce self-sufficiency in oil derivatives within two months, saving more than $3 billion in annual imports. The decision came after Iraq announced that it will be completely self- sufficient in gas and an exporter within 3-5 years. Sudani also announced plans to put an end to gas flaring within the next three to five years. Iraq restarted its largest oil refinery in Baiji in February, with the goal of meeting demand for oil derivatives by the middle of next year. In July, Iraq signed a $27 billion contract with French TotalEnergies for four oil, gas, and renewables projects in southern Iraq over a 25-year period.

Iraq to announce self-sufficiency in oil derivatives within two months: PM Sudani

According to Prime Minister Mohammed Shia’ al-Sudani, Iraq will announce self-sufficiency in oil derivatives within two months, saving more than $3 billion in annual imports. The decision came after Iraq announced that it will be completely self- sufficient in gas and an exporter within 3-5 years. Sudani also announced plans to put an end to gas flaring within the next three to five years. Iraq restarted its largest oil refinery in Baiji in February, with the goal of meeting demand for oil derivatives by the middle of next year. In July, Iraq signed a $27 billion contract with French TotalEnergies for four oil, gas, and renewables projects in southern Iraq over a 25-year period.

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