"The current prices for refining one barrel of oil reached to 12 dollars, as well as Iraq will minimize spending foreign currency.", the statement added.
"This refinery will produce 1500 cubic meters of benzene, 1100 cubic meters of gas oil and 255 cubic meters of kerosene per day, in addition of providing Qayara
power station with 500 cubic meters of gas oil", the statement elaborated.
The ministry pointed that it "save millions of dollars on a monthly basis which were spent on imports and transportation".
On building Kirkuk refinery, the statement added that the ministry called the investment companies years ago to build the refinery with the capacity of 150.000 b/d,
but did not receive suitable offers.
"The security situation in the province was one of the factors that hindered achieving this project", the statement added.
On 2 March, 2017, a Kurdish Peshmarga force, coming from Sulaimaniya province, stormed into North Oil Company to supervise pumping oil, which was described
as "a warning message to Baghdad".
The force gave an ultimatum to Baghdad to start building the refinery in Kirkuk, as reported.
Souirce: Iraq TradeLink