Speaking at the CWC Iraq Petroleum |Conference in London last week, Oil Minister Thamer Ghadhban has outlined plans to improve the investment model to attract investors to develop new refinery projects in the country.
Despite being one of the worlds largest oil producers, Iraq is currently importing many refined products as it does not have the capacity to meet its domestic demand.
Ghadhban revealed that a new investment model is expected to be available for investors "in the coming weeks" as the country seeks to swiftly up its refinery capacity to remove the need for expensive imports.
Iraq's current refinery capacity is estimated at approximately 850,000 bpd. A number of new refinery projects are underway including a $6 billion project for a new refinery in Karbala.