Iraq issued tenders to redevelop "more than 10" industrial plants as part of a plan to revamp 250 state-owned facilities through private investors, an industry ministry official said, according to a report from Bloomberg.
Deputy Minister Mohammed Abdullah Mohammed said the plants are mainly producing cement, petrochemicals, steel and pharmaceuticals, and the contracts are for joint strategic partnerships on a 15-year production-sharing basis.
“Our vision is to limit state ownership and turn almost all the 250 plants over to the private sector by 2020,” Mohammed said. “We want the ministry to become just a regulating and monitoring authority, and not a holding company running 60 companies.”
The Ministry of Industry and Minerals owns a total of 60 companies that run 250 facilities in six sectors; chemical and petrochemical, pharmaceutical and food, engineering and steel, textile, construction materials, and industrial utilities and services, he said.