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Iraq calls for bids for new oil refinery in Basra
May 4, 2017 / 8:13 AM / 7 months ago

Iraq calls for bids for new oil refinery in Basra

BAGHDAD, May 4 (Reuters) - Iraqi’s oil ministry on Thursday asked foreign companies and investors to bid for a project to build and operate a 300,000 barrel-per-day export-oriented refinery in Fao, near the southern city of Basra.

Bidding documents provide for two investment models -- build-own-operate and build-operate-transfer, said the ministry in a statement.

They will be available until May 31 and the bidding will close on Aug. 1, it said.

OPEC’s second-largest oil producer after Saudi Arabia, Iraq’s refining capacity was curtailed when Islamic State overran its largest oil processing plant in Baiji, north of Baghdad, in 2014.

Iraqi forces recaptured it in 2015 but it sustained heavy damage in the fighting.

The country now relies on the Doura refinery in Baghdad and the Shuaiba in Basra. (Reporting by Ahmed Rasheed; editing by Jason Neely)

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