Iraq lands first refinery investor
Swiss firm Satarem has signed a "binding MoU" to build and operate a $6 billion refinery in Missan province – the Oil Ministry's first success in attracting private refinery investment.
Satarem CEO Jerome Friler (left) shakes hands with an Oil Ministry refining official as Prime Minister Nouri al-Maliki (center), Oil Minister Abdul Karim Luaibi (right) and Deputy Prime Minister for Energy Hussain al-Shahristani (left) look on. (Source: Prime Minister's Office)
The Iraqi Oil Ministry has signed a "binding MoU" with Switzerland-based Satarem to build southern Iraq's first new, large-scale refinery in 30 years.
The 150,000 barrel per day (bpd) refinery in Missan province, to be located near the capital, Amara, is to be contracted under a 50-year, Build-Own-Operate (BOO) model that will see Satarem spend nearly $6 billion and, by 2018, produce fuels that can either be sold on the domestic market or exported.
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