Baghdad: Iraqi Prime Minister Mohammad Al-Sudani announced during an energy conference in Baghdad that his government is planning to convert 40 percent of the country's oil production into manufacturing industries by 2030. This ambitious initiative is part of a broader strategy to diversify Iraq's energy sector and reduce reliance on traditional oil exports.
According to Kuwait News Agency, Al-Sudani highlighted significant progress in reducing gas flaring by 70 percent and investing in natural gas. He emphasized Iraq's strides toward self-sufficiency in fuel production and its plans to start exporting gas oil. The Prime Minister also revealed proposals for integrated energy projects, with a focus on the Artawi oil field in Basra Governorate and the development of seawater desalination and solar energy projects as alternatives to gas investment.
In addition to oil sector advancements, Al-Sudani detailed efforts to bolster the non-oil economy by enhancing refining operations and petrochemical industries. The strategy includes electricity linkage projects with the GCC and Turkiye, and plans to extend the electricity grid to the European Union, aiming to create a more diverse and resilient energy sector.
Furthermore, Iraq is investing in renewable and clean energy projects, which are expected to contribute an additional 4,875 megawatts upon completion. The Central Bank of Iraq is supporting these initiatives by providing loans totaling USD 757 million to facilitate the purchase of solar home systems, underscoring the country's commitment to sustainable energy solutions.