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Iraq finalizes $8 billion Fao refinery deal

China's CNCEC has signed a contract for the 300,000 bpd refinery. The total price could rise to $20 billion with the construction of a petrochemical plant and power plant.

Iraqi Prime Minister Mohammed Shia al-Sudani (center) oversees the signing of a contract for the Fao refinery complex in Baghdad on May 15, 2024. (Photo credit: Prime Minister's Office)