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FINANCIAL NEWS
Iraq to build 4 new oil refineries
27 Jun 2010
(MENAFN) Iraqi Oil Minister Hussein Al-Shahristani said that Baghdad is seeking around $20 billion to build four new refineries as it seeks to become a net exporter of petroleum products, Reuters reported.
Iraq aims to boost its refining capacity by 740,000 barrels per day (bpd) on top of the current 550,000 bpd through construction of the four refineries in the central province of Karbala, in the northern oil hub of Kirkuk and in Nasiriyah and Maysan in the south of the country.
The Karbala refinery is intended to have a capacity of 140,000 bpd, the Nasiriyah refinery 300,000 bpd, and the Maysan and Kirkuk plants 150,000 bpd each. Iraq currently has three refineries, the minister said.
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