Monday , October 15 2018

Iraq to cut oil products imports by 25 percent

BAGHDAD / Reuters

Iraq’s oil ministry on Monday said the nation would reduce its petroleum products imports by 25 percent as crude oil refiner­ies are being rehabilitated following fighting with IS militants. Iraq is also producing more oil products by processing natural gas liquids, Oil Minister Jabar al-Luaibi said in a statement, without indicating a specific timeframe for the import cuts.
The ministry has announced in the past few months an increase in the capacity of the Kirkuk oil refinery as well as plans to this year to rehabilitate parts of the Baiji plant, which used to be Iraq’s largest petroleum processing facility.
Iraq is OPEC’s second-largest oil producer after Saudi Arabia. Its refining capacity was curtailed when IS militants overran Baiji, north of Baghdad, in 2014.

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