BAGHDAD: Iraq yesterday signed a $6bn deal for the construction and operation of an oil refinery with a capacity of 150,000 barrels per day, a government statement said.
The statement on Prime Minister Nouri Al Maliki’s website said he attended a signing ceremony for the deal between “the oil ministry and Swiss company SATAREM.” “Today, we sign a contract for an important investment project... which will contribute (to) filling the country’s need for petroleum products,” it quoted Maliki as saying.
The statement did not specify whether the contract was an initial or final agreement, or if cabinet or parliamentary approval was still required.
While Iraq is among the top producers of crude oil in the world, it still imports billions of dollars of refined petroleum products every year.
Crude exports account for the vast majority of Iraqi government revenues, and the country is seeking to dramatically ramp up its sales in the coming years to fund the reconstruction of its battered infrastructure. AFP