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Iraq courts investors for $20 billion oil refineries
Iraq is seeking foreign investors for a project to build four oil refineries at a cost of $20 billion, Reuters reported on Saturday (June 26th).
Iraq's goal is to become a major exporter of petroleum products, said Oil Minister Hussein al-Shahristani at an energy and construction conference in Baghdad.
"The investor will receive a discount of 5% on the price of crude compared to international prices, as there will be tax breaks, land provided and transport as well," the minister told the attendees.
Iraq is looking to more than double its current refining capacity, which stands at 550,000 barrels per day, al-Shahristani said.
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