Dhaman report: Iraq’s oil refining capacity to surge by 2030

Shafaq News/ On Friday, the Arab Investment and Export Credit Guarantee Corporation (Dhaman) projected a rise in Iraq's crude oil refining capacity by 2030, according to its latest sectoral report on oil and gas.

The report highlighted key issues including production and export forecasts for oil, gas, and their products up to 2030, foreign investment projects, and risk assessments within the sector.

Dhaman's report indicated, “From 2003 to 2024, foreign direct investment in the oil and gas sector has been primarily concentrated in the UAE, Egypt, Iraq, Saudi Arabia, and Qatar.”

“These countries collectively represent about 63.8% of the projects (389 projects), 71% of the investment cost ($288 billion), and 68.2% of new jobs (79,200 jobs).”

“Crude oil and gas production in Arab countries is expected to increase by 6.4% to 28.7 million barrels per day in 2024, with projections reaching approximately 33 million barrels per day by 2030,” it added.

The report further forecasted, “Refining capacity will rise to 11.3 million barrels per day in 2024, accounting for 10.7% of global capacity, and is expected to reach 11.4 million barrels per day by 2030, supported by growth in Iraq and the UAE.”

Moreover, “net hydrocarbon exports from Arab countries are projected to hit 23.5 million barrels of oil equivalent per day in 2024, with an increase to 27 million barrels of oil equivalent per day by 2030,” the report pointed out.

“This growth is anticipated due to increased net exports from four Gulf countries, along with Iraq and Libya.”

Founded in 1974 and headquartered in Kuwait, Dhaman is a joint Arab organization with ownership shared among Arab countries and four Arab financial institutions. It holds a +A rating with a stable outlook from S&P and is recognized as the world’s first multilateral investment guarantee agency.