Iraq seeks investors for 4 oil refineries
By Sinan Salaheddin |
June 28, 2010, Monday
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Print Edition
Print Edition
IRAQ is seeking investors to help build four oil refineries at an estimated cost of US$23 billion that would more than double the country's current refining capacity, the country's top oil official said on Saturday.
Iraq's oil minister said partners who will build and run the refineries will have 5 percent discount for buying crude - a recent concession to attract investors. The projects will also be exempt from state taxes and the government will not interfere in pricing the oil products once the plants are operational, Hussain al-Shahristani told a gathering of local and international oil executives in Baghdad.
"I encourage all investors to seriously think about investing in this promising sector as I do believe that it guarantees profits better than other places," al-Shahristani said.
The processing capacity of the four refineries is expected to be 740,000 barrels per day.
Although the capacity of Iraq's 11 existing refineries stands at about 700,000 barrels per day, the country processes only about 550,000 barrels a day due to years of war, neglect and international embargo.
The largest new refinery will have a capacity of 300,000 barrel a day and will be built in Nasiriyah province in southern Iraq at an estimated cost of US$8 billion.
Two other refineries with a processing capacity of 150,000 barrels a day each will be built in Maysan province in the south and in the northern oil-rich city of Kirkuk at a projected cost of US$5 billion each.
The fourth one with a daily capacity of 140,000 barrels will be built in Karbala, just south of the capital.
In 2007, Iraq's parliament approved a law for private investment in crude oil refining to allow foreign or local companies to build and operate domestic refineries.
Iraq's oil minister said partners who will build and run the refineries will have 5 percent discount for buying crude - a recent concession to attract investors. The projects will also be exempt from state taxes and the government will not interfere in pricing the oil products once the plants are operational, Hussain al-Shahristani told a gathering of local and international oil executives in Baghdad.
"I encourage all investors to seriously think about investing in this promising sector as I do believe that it guarantees profits better than other places," al-Shahristani said.
The processing capacity of the four refineries is expected to be 740,000 barrels per day.
Although the capacity of Iraq's 11 existing refineries stands at about 700,000 barrels per day, the country processes only about 550,000 barrels a day due to years of war, neglect and international embargo.
The largest new refinery will have a capacity of 300,000 barrel a day and will be built in Nasiriyah province in southern Iraq at an estimated cost of US$8 billion.
Two other refineries with a processing capacity of 150,000 barrels a day each will be built in Maysan province in the south and in the northern oil-rich city of Kirkuk at a projected cost of US$5 billion each.
The fourth one with a daily capacity of 140,000 barrels will be built in Karbala, just south of the capital.
In 2007, Iraq's parliament approved a law for private investment in crude oil refining to allow foreign or local companies to build and operate domestic refineries.
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