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UPDATE: Construction begins on new Missan refinery

Little known Swiss-Chinese consortium forms Missan International Refinery Company, aiming to start operation in 2019.
Iraqi Deputy Oil Minister for Refineries, Dhia Jaffar, at the cornerstone ceremony for the new Missan refinery on Feb. 25, 2016. (JEWDAT AL-SAI'DI/Iraq Oil Report)

Updates include:

  • Satarem owns 15 percent, Wahan owns 85 percent
  • Funded by China Development Bank and the Export-Import Bank of China
  • Comments by senior oil officials

BUZURGAN - Swiss industrial firm Satarem and Chinese partners are formally starting construction on a new 150,000 barrels per day (bpd) refinery in Iraq's southern Missan province.

"The Iraqi government or the banks will not fund or contribute in funding the project," Deputy Oil Minister for Refineries Dhia Jaffar said at a ceremony Thursday marking the start of construction. "The project will be funded by the China Development Bank and the Export-Import Bank of China."

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