Iraq seeks refinery investors with policy overhaul
After a decade of failed efforts to strike downstream deals with top-tier companies, the Oil Ministry is looking to de-risk refinery investment.
Senior Deputy Oil Minister Fayadh Nema attends a commissioning ceremony for new storage at Basra's Shuaiba refinery on Jan. 28, 2019. (Source: Oil Ministry media office)
Iraq's Oil Ministry is moving forward with a process to revamp the country's investment framework for refineries following a decade of failed attempts to attract highly qualified international companies.
If successful, the new framework could help Iraq earn more money from the oil it produces, save billions of dollars in annual fuel imports, and provide new domestic outlets for crude production that has recently been constrained by limited export capacity.
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