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.
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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