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FINANCIAL NEWS
Iraq plans to expand refinery capacity
08 Sep 2011
(MENAFN) Iraq’s deputy oil minister, Ahmed Al-Shamma, said that since the country planned to increase its oil output to meet growing local demand, Iraq would expand its refinery capacity, reported Arab News.
Al-Shamma added that by the end of 2012, the country’s daily production of oil could reach 4 million barrels, nevertheless, to increase the amount, the government would have to establish new infrastructure.
He also said that Iraq planned a fifth refinery project to four new refineries that were already planned, adding that the refinery, which would process heavy oil from Qayarah and Najmah, was awarded to Angola’s Sonangol two years ago, whereas construction operations would start after three years to be in line with production.
It is worth noting that in the final part of 2011, Iraq had to import large amount of gasoline and gas oil since the country’s demand for refined products was growing higher.
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