Karbala refinery on track

BAGHDAD - An engineering, procurement and construction (EPC) contract to build the $4 billion Karbala refinery will be signed by the beginning of 2014, part of a revived effort by Baghdad to boost its neglected refining sector.

"It was supposed to be awarded this year, but there were some issues related to the [budget] allocations for it, and probably it will be awarded at the beginning of next year and the Iraqi government will finance it," said Deputy Oil Minister Fayadh Nima, speaking on the sidelines of a conference at the Oil Ministry in Baghdad on Wednesday.