Future Potential for Infostructure Enhancement of Oil Refining Industry in Iraq

Abstract

The oil refining industry is one of the key sectors in the Iraqi economy, significantly contributing to national revenue and meeting local market demands for petroleum products. Iraq possesses vast oil reserves, with confirmed reserves exceeding 144 billion barrels as of 2022, making it one of the world's largest oil producers. However, this industry faces multiple challenges, most notably aging infrastructure, lack of investment, and limited adoption of modern technologies. Approximately 50% of the refineries in operation were established before the year 2000, highlighting the urgent need to improve refinery infrastructure and upgrade existing technologies. Such advancements would enhance production capacity and operational efficiency. The findings emphasize the importance of attracting local and foreign investments and developing human resources as key factors in strengthening the industry's performance. The development of Iraq's oil refining sector requires a collaborative effort between the government and the private sector, with a focus on innovation and modern technology to achieve the desired economic and social objectives.