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FinancialNews


  • 19-11-20

    Iraq: Int'l companies called to participate in oil refinery venture

    (MENAFN)On Wednesday, Nov. 18, global firms were called by Iraq to participate in the construction of an oil refinery with an estimated aptitude of 300,000 barrels a day in the Fao area in Iraq's southern province of Basra.The Fao refinery venture will be presented under the Build-Own-Operate (BOO) or Build-Own-Operate-Transfer (BOOT) investment paradigm, and a petrochemical establishment will be attached to the refinery venture at a later phase.It was said in the declaration that, the Iraqi minister portrayed the venture as "one of the major and important strategic projects in the field of sustainable development of the oil industry in the country."Due to of the coronavirus pandemic and its influence on the international economy, Iraq is going through a financial crisis because of the drop in selling prices in the oil market.

    MENAFN19112020000045011361ID1101152357

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