Iraq Seeks Investments in New Refineries

Iraq is seeking $20bn to build four new refineries so it can become a net exporter of petroleum products, according to Iraqi Oil Minister Hussain Al Shahristani.

“Each one will cost around $5bn,” Shahristani said.

The country plans to expand its refining capacity by 740,000 barrels per day (bpd) from its existing 550,000bpd. The new refineries will be built in Karbala Province, Kirkuk, Nasiriyah and Maysan.

“The investment will not be constrained – we are looking for real partners and in any ratio,” Shahristani said. “Any investor can invest in full or in partnership with Iraq.”

The investor will also get a 5% discount off the price of crude, compared with international prices, with the aid of tax breaks, land and transport, he added.

The Karbala refinery will have a capacity of 140,000bpd, the Nasiriyah refinery 300,000bpd while the Maysan and Kirkuk plants will have processing capacities of 150,000bpd each.