Iraq refineries resurgent

Investors have been wary of multi-billion-dollar refinery tenders, but that hasn’t stopped the Oil Ministry from bringing vital new capacity online.
Iraq refineries resurgent
Workers at the South Refineries Company's Basra refinery on July 20, 2016. (ALI AL-AQILY/Iraq Oil Report)

BAGHDAD - Iraq has boosted refining activity in the past year by at least 60,000 barrels per day (bpd), thanks to a patchwork of Oil Ministry projects and initiatives.

The ministry has also pursued a series of new refinery projects that would create over 1 million bpd of new capacity, including a tender announced Tuesday for a refinery south of Mosul. But international companies have shown reluctance to invest in such projects largely because of the financial uncertainty associated with the country's subsidized fuel market.

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