Shafaq News/ Iraqi Prime Minister Mohammed al-Sudani on Sunday said his government aims to convert at least 40% of the country's crude oil exports into higher-value refined products and derivatives.
The premier made those remarks during a meeting with Chairman of Crescent Petroleum Hamid Jaafar, according to a press release by his bureau.
The premier said the government seeks to create a "safe investment environment" with attractive financial and banking facilities to attract experienced companies.
"This will open doors for continued cooperation that will positively impact the local economy, create jobs, and maximize Iraq's resources from its oil wealth," the statement said.
He said the move aligns with the government's broader strategy to diversify the economy and capture a larger share of the value chain from its vast oil reserves.
Despite being OPEC's second largest producer, Iraq currently exports a most of its crude oil unrefined.
In February, Iraq reopened the North Refinery in Baiji that was shut for a decade during the violence and chaos that followed the U.S.-led invasion in 2003 which made it nearly impossible to run one of the country's most vital energy complexes.
The refinery was shut in 2014 when Islamic State fighters seized it after taking over one third of the country's territory. Islamic State stole oil and petroleum products from areas it controlled in an effort to create a self-sustaining Islamic empire.
It has a refining capacity of 150,000 barrels per day (bpd) after reopening, which would bring the total capacity of the Baiji refining complex to 290,000 bpd.
Iraq aims to reach self-sufficiency in oil derivatives by mid-next year, al-Sudani said in the reopening ceremony.