Iraq to offer 3 refineries for investment in Kuwait conference
The first half of 2017 witnessed the export of 24 condensates shipments and 24 gas liquids shipments (Reuters)
Baghdad (IraqiNews.com) Iraq plans to offer three of its oil refineries to investors during an upcoming conference of Iraq donors, the government said Thursday.
Anadolu Agency quoted a statement from the state’s investment authority saying that the refineries include Faw, in the southern Basra province, with a production capacity of 300.000 barrels a day, besides another in Anbar (150.000 barrels per day) and Nasseriya, Dhi Qar province (150.000 barrels per day).
Iraq imports and estimated USD5 billion in petroleum products for local demand, most of which is used for electricity generation.
Iraq’s need for petroleum products intensified after Islamic State militants took over the Baiji refinery in Salahuddin province, which secured nearly a third of the country’s needs with a capacity of 170.000 barrels per day.
Kuwait will be hosting Iraq donors conference from 12th to 14th February. Nearly 70 participants are expected at the event which will hopefully collect USD100 billion dollars for the reconstruction of the country and repair of damage caused by the war against Islamic State militants.
The investment authority said last Tuesday that Iraq was planning to offer a total of 157 projects to investors during the conference.
Iraq’s crude oil exports for December stood at nearly 109.9 billion barrels, with revenues of nearly USD6.5 billion.