Categorized | Oil & Gas

Iraq Calls for Major Investment in Refineries

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Iraq Calls for Major Investment in Refineries

Iraq Deputy Prime Minister for Energy, H.E Dr Hussein Al-Shahrestani, will announce large-scale investment opportunities in Iraq’s refining industry at the Iraq Refinery 2012 conference (www.iraqrefinery.com) on 17 -18 April 2012 in London. Major incentives for foreign investment already include discounted oil and acreage.

The conference will represent the largest ever gathering of Iraqi oil officials outside of Iraq including the Chairman of the Advisory Commission to the Prime Minister, Dr Thamir Ghadhban, and the Iraq Deputy Minister of Oil, Ahmed al-Shamma, as well as Director Generals, Advisors, and Experts from the Ministry of Oil, senior officials from the National Investment Commission, Parliamentarians, and representatives from various government departments.

Rebuilding and expanding Iraq’s antiquated refinery infrastructure is an urgent task for the Iraqi government, which plans to increase its refining capacity from 600,000 barrels per day to 1.5 million barrels per day by 2017.

With the world’s third largest proven reserves of oil and gas, Iraq currently has eight refineries, producing approximately 890 million barrels per day, with five more in the pipeline. These have the potential to produce:

  • LPG
  • Gasoline (unleaded, premium, regular)
  • Kerosene & ATK
  • Gas Oil (Diesel)
  • Heavy Gas Oil (Heavy Diesel)
  • Sulphur
  • Blown Asphalt
  • Fuel Oil
  • Electrical Power

“We plan to double our domestic refining capacity to reduce our reliance on imports of refined products,” said Iraq Deputy Prime Minister for Energy, H.E Dr Hussein Al-Shahrestani. “In April at the conference, we will be sharing our future strategy for energy and how we wish to partner with global industry leaders to ensure Iraq takes its rightful place as one of the leading producers of oil and gas.”

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