MoU with Italian investors for Karbala refinery

KARBALA / IraqiNews.com: The Iraqi Ministry of Oil signed a Memorandum of Understanding (MoU) in principle with a group of Italian investors to build a refinery in Karbala, the oil undersecretary for refineries affairs said today.  Ahmed al-Shamma’ said,  in a statement received by IraqiNews.com, that the signature was made to enable the consortium complete its procedures for the implementation, denying the media reports that a contract was signed.  He added that this memorandum has period of six months to implement, otherwise, the ministry is free of this document.  “According to this document, the ministry is ready to extend all possible assistance in regards to supplying them with crude oil and benefiting from the products for internal consumption,” he concluded. RM (TS)/SR 759