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FINANCIAL NEWS
Iraq signs USD6.5b Karbala refinery contract
25 Jul 2011
(MENAFN) The Refinery of Karbala Corporation’s Ltd. CEO, Dean Michael, said that the company signed a deal with Iraq’s oil ministry in order to construct a USD6.5 billion refinery in Karbala, reported Gulf News.
Michael added that the refinery would be located 100km south of Baghdad and would span over a six-square-kilometer plot of land, when completed, output capacity would reach 200,000 barrels per day (bpd) of crude oil, it would also produce regular and premium octane gasoline, in addition to diesel fuel.
He also said that in order to meet growing demand in the country, Iraq planned to boost its refining capacity by 750,000 bpd, up from the current 660,000 bpd through building four new refineries.
It is worth noting that the other three new refineries will be located in Nassiriya, Maysan and Kirkuk.
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24 Feb 2026
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05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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