Iraq has signed an agreement to build a 70,000-barrels-per-day oil refinery near the northern city of Kirkuk, the oil ministry said. The agreement was signed with Ranya International, a company based in the semi-autonomous Kurdistan region, north and east of Kirkuk, which would be an investor in the refinery, the ministry said in a statement.
It said that the plant would produce high octane gasoline for cars and other petroleum products, without giving details about the cost or further information about Ranya International.
Iraq, OPEC’s second largest oil producer, wants to build new refineries as its oil processing capacity was severely curtailed by damage to its largest plant in Baiji, north of Baghdad, when it was captured by Islamic State militants in 2014.
Source : REUTERS
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