Oil Ministry and Parliament Discuss Refining Law Amendments

In a significant step toward enhancing Iraq’s oil refining sector, the Ministry of Oil held a meeting with the Parliamentary Oil, Gas, and Natural Resources Committee to discuss proposed amendments to the Investment Law for Refining Crude Oil No. 64 of 2007. This meeting was attended by members of the committee’s Legislation Committee, along with key officials from the ministry.

The Undersecretary for Refinery Affairs at the Ministry of Oil, Mr. Hamed Younis, emphasised the importance of these amendments, noting that they aim to foster development within the oil refining sector. According to Younis, revising the law will have a positive impact on both the economy and resource development, aligning with the government’s broader objectives.

He explained that the Investment Law has already undergone two prior amendments, and the ministry is now pushing for further changes to encourage greater private sector involvement in refinery projects. He added that the amendments are designed to make the law more economically viable and attractive to investors. In his opinion, creating an investment-friendly environment is critical to achieving the desired outcomes in the refining industry.

Additionally, the discussions focused on updating specific clauses and introducing new provisions to ensure the technical, economic, and financial sustainability of investment in the sector. One key proposal was to include measures that protect investors’ assets, especially given the long-term nature of refinery projects.

Looking ahead, the Ministry of Oil is preparing a strategic plan to launch several investment refinery projects across various provinces, including Misan, Dhi Qar, Kirkuk, Ninawa, and a Kuwait Investment Refinery Project. These projects aim to boost Iraq’s refining capacity and attract more foreign and domestic investment.

The meeting saw participation from several notable members of the Parliamentary Committee on Oil, Gas, and Natural Resources, along with the Director General of the Legal Department at the Ministry of Oil. These discussions represent a critical step toward finalising the draft amendment, which is expected to pave the way for substantial growth in Iraq’s oil refining industry.

Source: Ministry of Oil Iraq