BASRA, Iraq, March 22 - Iraq will certainly welcome international companies to spend more than $2.5 billion in constructing a 150,000 barrel daily (bpd) oil refinery in the southern district of Maysan, an elderly neighborhood authorities claimed on Sunday.


"We will ask international companies specialised in creating as well as running refineries to develop a major refinery near the Bazargan oil field," Ali Warid, chairman of the local government's Maysan Investment Office, informed Reuters.

Warid included that American company Shaw Stone & Webster, a subsidiary of Shaw Group Inc ， won a $150 million contract in 2014 to offer diagrams for the refinery and that it was anticipated to complete them quickly.

In 2007, Iraqi parliament authorized a regulation that breaks the ice for international companies to build and operate domestic refineries.

this website has claimed it intends to increase refining ability by 840,000 bpd as part of a $50 billion strategy to revamp the power sector as well as boost production.

As physical violence begins to fall in Iraq nearly six years after the U.S.-led invasion, Iraq has actually begun to accelerate efforts to revitalize its investment-starved oil field, consisting of boosting its refining ability. On Monday, Iraq's Basra refinery stated 3 tiny Czech firms had actually been picked to overhaul installments there.

The country has only this year reached a stage where it is improving sufficient fuel for its very own residential transport objectives, regardless of remaining on the world's 3rd biggest gets.

For many years since the 2003 intrusion, it was compelled to purchase imported fuel to connect the void. Iraq generates 2.4 million barrels of petroleum each day.

The federal government will soon invite foreign companies to bid on a more than $1 billion contract to build and also install a liquid catalytic biscuit (FCC) at the most significant refinery, Baiji, in the north, which has a small capacity of 320,000 bpd.

On Wednesday, The Oil Ministry said it had actually released a tender to international oil firms to drill 30 wells in three oilfields in Maysan, one of which has in excess of 5 billion barrels.