Iraq to offer investment opportunities in oil refineries

Iraqi Minister of Oil Hayan Abdul Ghani said that investment opportunities would soon be offered to increase the output capacities of some domestic refineries.

"Within the ministry's plans to increase refining capacities in Iraq, investment opportunities will include the Amarah refinery in Maysan province with an increase of 150,000 barrels per day (bpd), al-Muthanna refinery by 100,000 bpd," Ghani said in a statement.

The increase in capacity will also include the Kirkuk refinery by 100,000 bpd, and the Qayyara refinery by 70,000 bpd, according to the statement.

A new refining unit with a capacity of 70,000 bpd will be added to the Dhi Qar refinery in southern Iraq, which currently produces 30,000 bpd, the statement added.

It also said there is a plan to build a new refinery in Dhi Qar province with a capacity of 150,000 bpd.

Iraq is a member of the Organization of the Petroleum Exporting Countries (OPEC), holding more than 145 billion barrels of proven oil reserves.

Iraq's economy heavily relies on crude oil exports, which account for more than 90 per cent of the country's revenues.