A bid from an Emirati company to invest in one of Basra’s oil refineries to boost domestic production has won the support of the Basra Investment Commission.
Haider Ali Fadel, chairman of the Commission, told AKnews on Monday that the Bin Khalid Group’s bid to increase the refinery’s production capacity to around 300,000 barrels per day (bpd) would help to compensate for the shortfall in Iraq’s domestic market supplies.
Since the US-led allied invasion in 2003, Iraq has continued to import around 40% of its domestic oil and petrol from neighbouring states because of insufficient production capacity at its refineries.
“The project won the approval of the Basra provincial council as a prelude to obtaining the required official approvals according to the Iraqi investment law,” Fadel said.
Based in Abu Dhabi, The Bin Khalid Group, owned by Sheikh Abdullah Bin Mohammed Bin Khalid al-Nahyan, specializes in oil trading and the provision of services for onshore and offshore oil field and gas facilities.
Fadel said that the Bin Khaled Group project would provide a necessary boost to Iraq’s oil production and help to reduce the oil-rich country’s dependency on imports.