The deputy director of the Babel Investment Commission said that an Iranian company has been granted an investment licence to build an oil refinery in the province.
Abbas al-Tai told AKnews that the Iranian company, IR Haval, will set up the refinery for filtering diesel oil, which is produced in abundance by the Iraqi refineries.
“If completed, this refinery will provide the province with the bulk of its demand for petroleum products such as gasoline and kerosene” he said.
The president of IR Haval, Shahram Taheri, said that this was the first of many investment projects in the region for Iranian companies.
"We hope through this venture to consolidate economic relations between Iran and Iraq through the establishment of industrial and services projects."