Iraq’s failure to attract investments for its four refineries offered to private investors after more than two years since their launch should invite a rethink of the investment model. Luckily this rethink has started and Iraq’s oil ministry is now on course to change the business model from a BOT (build-own-operate) to one that is based on a fixed fee per barrel. This is a welcome change for the potential…
Tag: refining capacity
Refining Dilemma
Oil minister Hussein al-Shahristani says Iraq will become an exporter of refined products within a few years. That’s a very optimistic assessment of the status of the Iraqi refining sector. True, Iraq has four new grass roots refineries with a combined capacity of 740,000 barrel per day offered to private investors. But it still has a long way to go before any investor jumps in and spends billions on building…