Iraq seeking investors for 4 new oil refineries

June 26, 2010 by legitgov

Mission accomplished! Iraq seeking investors for 4 new oil refineries 26 Jun 2010 Iraq is seeking investors to help build four oil refineries at an estimated cost of $23 billion that would more than double the country's current refining capacity, the country's top oil official said Saturday. Iraq's oil minister said partners who will build and run the refineries will have 5 percent discount for buying crude -- a recent concession to attract investors. The projects will also be exempt from state taxes and the government will not interfere in pricing the oil products once the plants are operational, Hussain al-Shahristani told a gathering of local and international oil executives in Baghdad on Saturday.