Iraq signs $2 billion deal for Kirkuk oil refinery
Shafaq News/ Iraqi officials signed a $2 billion deal to build an oil refinery in Kirkuk, officials said on Friday.
Ali Hamadi, investment advisor to the Kirkuk governor, said the refinery would help address fuel shortages in the province. 'The project is valued at $2 billion and will take between two and three years to complete,' he told Shafaq News, adding that construction would begin after the project site is handed over.
The refinery, designed to process 70,000 barrels per day (bpd) of refined oil products, will be built by Rania International Oil Company, with equipment supplied by US firm UOP.
Jalal Haji Ahmed, head of Rania Energy and Oil, said the facility would be built to international standards. 'The refinery will use advanced, environmentally friendly technology.'
According to officials, the project is part of the Iraqi Oil Ministry's plan to increase refining capacity, cut reliance on imports, and potentially export surplus products.
Kirkuk Governor Rebwar Taha Mustafa said the refinery had received approvals from Prime Minister Mohammed Shia Al-Sudani and the Ministry of Oil. 'This is Kirkuk's first investment contract for a refinery. It will provide jobs and improve the local fuel supply,' he said on Thursday.
In turn, oil expert Ali Khalil said Kirkuk, a major oil-producing province, has long needed additional refining capacity. The existing Kirkuk refinery can process 60,000 bpd but lacks modern hydrocracking and distillation units. 'A new refinery will improve fuel quality and reduce dependence on refineries in Baiji and elsewhere,' Khalil said.
Iraq, which holds the world's fifth-largest oil reserves, announced plans in 2017 to build a new Kirkuk refinery and increase oil production in the region to over one million bpd. The government has sought investment from foreign firms to expand output.
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