Ambitious Iraqi refining plan needs huge investment
Securing finance for the plans to double refining capacity could prove difficult
Iraq wants to more than double refining capacity to meet rising domestic demand for products, as well as investing in export facilities, according to deputy oil minister Ahmed Al-Shamma. But securing the finance for these ambitious plans could prove difficult. The five potential refinery projects could add 900,000 barrels a day (b/d) to the country’s throughput capacity at an estimated cost of $26.5 billion. According to Al-Shamma, this would more than double existing capacity of around 870,000 b/d, which is producing 540,000-600,000 b/d. Soaring domestic demand Opec puts Iraqi capacity at 812,000 b/d. It estimates refined products demand in 2010 was up by nearly 14% over 2008 volumes, at 56
Also in this section
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix