By John Lee.
The Iraqi Ministry of Oil announced details of a memorandum of understanding (MoU) signed with American company Honeywell to develop oil refineries.
Deputy Minister for Refining Affairs, Hamid Al-Zobaie, told the state-run Iraqi News Agency (INA) that the MoU involves several projects to increase refinery capacity to 40 percent of crude oil production. This increase will add value to crude oil and boost financial returns, supporting the national economy.
The ministry discussed seven refinery projects, each with a capacity of 70,000 barrels per day (bpd), in Maysan, Dhi Qar, Muthanna, and Najaf, in addition to units in Dora, Haditha, and Qayara. Honeywell will provide a comprehensive development plan within two weeks.
(Source: INA)
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