Karbala refinery deal could be downstream milestone
The Oil Ministry has entered an exclusive 6-month negotiating window with the Refinery of Karbala Corporation for a $6.5 billion deal that would boost Iraq’s lagging downstream sector.![](https://cdn.iraqoilreport.com/wp-content/uploads/2011/08/IMG_3026resized-e1488925056976.jpg)
The Daura Refinery was built in 1955. Iraq is hoping to get foreign investment in new refineries to expand production around the country. (BEN LANDO/Iraq Oil Report)
The Oil Ministry has given a start-up refinery company six months to finalize a $6.5 billion refinery project in Karbala, offering sweetened terms in an ongoing effort to build a downstream oil sector that can meet Iraq’s growing fuel demands.
If a deal is reached, it would mark the first foreign investor in the country's fledgling refining sector.
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