Iraq will build a new 70,000 bpd oil refinery near Kirkuk
The new agreement signed with Ranya International will allow Iraq to build new Oil Refinery in the semi-autonomous Kurdistan region.
Iraqi Oil Minister Jabbar al-Luaibi has signed a contract to build a 70,000 barrels-per-day oil refinery near the northern city of Kirkuk, in the Kurdistan region. The new plant will produce high octane gasoline for cars and other petroleum products.
“Mr. Minister reiterated that the establishment of the Kirkuk refinery is a good first step for investment in the refinery sector to cover internal demand in the province and adjacent neighbours” – as stated in a recent release.
The minister added that the project falls into the plans and programs by the ministry for meeting the internal demand of oil derivatives, while exporting the surplus.
“This will increase financial income of the Iraqi state’s treasury,” Ziya Jaffar, the counsellor to the ministry added.
Iraq is the OPEC’s second largest oil producer and feels the need to recreate its plants damaged by Islamic State militants in 2014.
Hence the strategy to build new refineries in the port of Fao on the Gulf, the southern region of Nasiriya, the western Anbar province and Qayara near the northern city of Mosul. Along with the new refinery near Kirkuk, those plants could attract Chinese investment to the nation that is recovering from years of civil war and low oil prices. Iraq now relies on the Doura refinery, in Baghdad, and Shuaiba, in southern Iraq.
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