Economist: The completion of the Karbala oil refinery contributes to stopping the bleeding of hard currency
Sunday, June 5, 2022 8:36 PM
National News Center/ Baghdad
The economic expert, Najm Tarish, confirmed today, Sunday, that the completion of the oil refineries in Iraq will contribute to stopping the bleeding of hard currency and supporting the economy in general,
revealing the pressure of the influential who benefit from the import of derivatives, which was delayed by the Karbala refinery.
Tarish said in a statement, followed by the National News Center, that "the Karbala refinery, which has a production capacity of 150,000 barrels per day, has reached its final stages, with a completion rate of more than 90 percent, and it is expected to start production at the end of 2022."
He explained, "The Karbala oil refinery project is a crude oil refinery, located 40 km from the center of the city of Karbala. The foundation stone was laid for it in 2014," noting that
"the pressure of influential people who benefit from importing derivatives is the last achievement."
Tarish indicated that "the completion of the refineries, especially the Nasiriyah refinery and the Baiji refinery, to stop this massive bleeding of hard currency and stop the black hole that devours money in Iraq."
The refining capacity of the Karbala oil refinery is estimated at 140,000 barrels per day, which represents approximately 22.5 million liters of various oil derivatives per day, while Iraq imports about 15 million liters of gasoline and kerosene derivatives per day.
Iraq's refining capacity is currently 800,000 barrels per day of various derivatives.