FINANCIAL NEWS

Iraq plans to privatize oil refineries

18 Apr 2012

(MENAFN) Iraq’s deputy oil minister, Ahmed Al-Shamma, said that the country plans to finish renovation of old oil refineries and privatize them gradually, reported Arab News.

Al-Shamma added that through renovating refineries, Baghdad would boost refining capacity to 610,000 barrels per day (bpd) by the end of the current year, from 567,000 bpd in 2011.

He also said that Iraq is looking to attract investments in new plants, with 4 of its proposed plants expected to add nearly 750,000 bpd of capacity.

It is worth noting that Kerbala, Missan and Kirkuk plants have a capacity of around 150,000 bpd each, and Nassiriya plant has a capacity of 300,000 bpd.

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