You are hereHome CountriesIraq
Iraq signs agreement to build US$6.5 billion refinery in Karbala
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Sun July 24, 2011 7:09 pm

IRAQ. The Ministry of Oil of Iraq has signed an Implementation agreement for the construction under BOO terms of the Refinery of Karbala with RKC (Refinery of Karbala Corporation Ltd.)

The new Refinery will have a daily capacity of 200,000 barrels of Crude Oil and will produce high quality, high octane gasoline (regular and premium) as well diesel fuel for the domestic market.

“Karbala Refinery will be located 100km south of Baghdad on a 6 square kilometer plot of land, and will be the most advanced state of the art refinery with almost full conversion rate and with an estimated cost of US$ 6.5 billion” said Dean Michael, CEO of Karbala Refinery Corporation.

The Italian Company Saipem will be providing the processing and the technical aspects of the project. Such a Refinery is due to become the most technically advanced Refinery in Iraq with the use of the latest available technologies that will ensure almost full conversion of Crude to final products in line with new Iraqi Laws in Refining and the Environment.

RKC has committed to commence production in 48 months from the final contract date. With the entrance in production of the Refinery of Karbala the Ministry of Oil will be able to largely supply the domestic market with better quality gasoline and diesel products.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: June 18, 2018
UAE. 24% of Middle Eastern entrepreneurs are motivated by social impact and view it as their top priority as a business owner; 66% are undertaking angel investing.
date:Posted: June 16, 2018
UAE. MENA region recorded 93 deals amounting to US$15.4b in Q1 2018; UAE records highest announced Q1 deal value in the region at US$5.1b; Oil & gas deal value reached US$7.2b in Q1 2018; Almost 80% of MENA boards focused on portfolio transformation.
date:Posted: June 14, 2018
UAE. McAfee report sounds industry alarm: Don't start the blockchain revolution without making security a top priority.
dhgate