Gulf oil group to Invest in Basra refinery

BASRA / IraqiNews.com: A Gulf oil group submitted an offer to invest in one of Basra refineries, head of Basrah Investment Commission announced on Monday. Director of the Gulf group, Bin Khalid Al-Nahyan for Oil  and Gas Fields and Installations Group, said that this project will minimize the importation of oil products, provide 2000 work opportunities, build 750 housing units and a power generation station with the capacity of 250 megawatts. Head of Basra Investment Commission Eng. Haider Ali Fadhil told IraqiNews.com that Basra province and its Provincial Council approved taking necessary official measures for the project in accordance to Law 13 of 2006 and the special Crude Oil Refining Law no. 64 of 2007. He expressed his regret that “The Iraqi Ministry of Oil did not include Basra refineries with its plan, similar to those of Missan, Thi-Qar, Karbala, and Kirkuk with the Strategic plan of the Ministry”. Eng. Fadhil added that “I objected because Basra is the core of oil investments, in addition to its security stability, which encourages these investments”. He disclosed the attempts of Basra Investment Commission to include the UAE project within the Oil Ministry plan, because the company announced “it will withdraw its investments from Basra, if this project was rejected”. Director of the Gulf Group Firas Jabbar Al-Sa’di declared that the project aims at investing in an oil refinery in Basrah with the capacity of 300.000 b/d. He added that “this project will be one of the main projects in Iraq because it cover the shortage in the local market, minimize oil products imports, minimize unemployment, building 750 housing units in the first stage, and building a power generation plant with the capacity of 250 megawatts”. RM (TP)/SH 762