Nov 1 2012
By Shaymaa Adel
Azzaman, November 1, 2012
The Ministry of Oil has allocated $4 billion for the construction of a new refinery in the southern Province of Karbala.
The refinery will take four years to complete and it will be built by Iraqi technicians and engineers under the supervision of a team of international experts.
“The Oil Ministry has earmarked $4 billion for the construction of a refinery in Karbala with a capacity of 150,000 barrels of oil a day,” said the ministry’s undersecretary for refineries and gas processing affairs, Ahmad al-Shamaa.
Shamaa said Iraq wanted to increase its refining capacity currently estimated at more than 500,000 barrels a day to meet predictions of a rise in domestic consumption of fuel.
Iraq was also keen to have a foot in the lucrative international trading in oil by-products, he added.
Shamaa said the ministry had plans to construct three more major refineries, one with a capacity 300,000 barrels of oil the other two with a capacity of 150,000 barrels a day each.
Iraq is expected to add 650,000 barrels to its refining capacity in four years, taking its total refining capacity to more than 1.1 million barrels a day.