Iraq Invites Investment in new Refineries, Storage Tanks

Iraq, August 30, 2016

Iraq’s new oil minister, Jabbar al-Luaibi, has invited international oil companies to invest in four new oil refineries across the country:

Kirkuk: 150,000 bpd;
Kut: 100,000 bpd;
Samawa: 70,000 bpd; and,
Basra: 100-150,000 bpd.

Contracts will be considered on both BOT (Build–Operate–Transfer) and BOO (Build–Own–Operate) bases.

The Minister made the announcement during a visit to the Iraqi Drilling Company (IDC), and said the Ministry will announce other projects in the near future.

According to a report from Platts, the ministry also plans to double Iraq’s crude oil storage capacity to 24 million barrels over the next few years through international investment.