Business News
Iraq seeks 20-billion-dollar investment for new oil refineries
Jun 26, 2010, 14:53 GMT
Baghdad - Iraqi Minister of Oil Hussein al-Shahristani said Saturday that his country is seeking 20 billion dollars in investments to finance four new refineries.
'We have aspirations to develop the sector, we have plans to protect and encourage the investment environment and we hope to see the Iraqi and foreign private sector have a role in it,' he said.
The government will offer investor incentives, such as deducting 5 per cent on the price of crude oil as compared to global prices, giving tax exemptions and providing land, the minister said.
Iraq's refining capacity currently stands at 550,000 barrels per day (bpd).
The four new plants - in Nassriya, Karbala, Missan and Kirkuk - are expected to jointly boost that refining capacity by 740,000 bpd.
The Iraqi government, which relies heavily on oil exports for its revenue, hopes that foreign investment will eventually increase oil output to 12 million bpd, up from the current 2.5 million bpd.
Iraq's proven reserves stand at 115 billion barrels, the third largest in the world after Saudi Arabia and Iran.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
