Iraq has signed a preliminary agreement for Egyptian company Al Qalaa to build a 150,000-barrels-a-day refinery near the northern city of Mosul, as part of a drive to boost fuel supplies, Iraq's deputy oil minister said Tuesday.
Iraq
has
signed a preliminary agreement for Egyptian company Al Qalaa to build a
150,000-barrels-a-day refinery near the northern city of
Mosul
, as
part of a drive to boost fuel supplies,
Iraq
's
deputy oil minister said Tuesday.
According to the agreement, the Egyptian company is given three years to carry
out feasibility studies and designs for the refinery before deciding whether to
go ahead with construction, Ahmed al-Shammaa said in a statement emailed to Dow
Jones Newswires.
Shammaa didn't disclose value of the refinery.
Crude oil for the refinery would be produced from two nearby fields, Najmah and
Qaiyarah, which are being developed by the Angolan state-owned oil company
Sonangol.
According to an Iraqi investment law, the Egyptian firm can also operate fuel
stations in
Iraq
using
products that would be produced from the new refinery, Shammaa said.
Last month, the Iraqi Oil Ministry signed a preliminary agreement with an
Italian consortium to build and operate a 200,000-barrels-a-day refinery in
Kerbala, central
Iraq
. The
joint venture includes
Italy
's
Saipem SpA (SPM.MI), a large financial institution, and ex-Eni SpA (E)
executives.
Iraq plans to build three more refineries--one in Missan province with a
processing capacity of 150,000 barrels a day; another in Kirkuk with a capacity
of 140,000 barrels a day and a third in Nassiryah with a capacity of 300,000 barrels
a day.
Iraq
has
three aging refineries in
Baghdad
,
Basra
and
Baiji, as well as a scattering of smaller refineries throughout the country,
with designed capacities of 750,000 barrels a day. Outstanding repairs, crude
transport bottlenecks, acts of sabotage and a lack of crude storage capacity
cut their operational capacity to around 550,000 barrels a day.
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