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Iraq Signs Contract With PowerChina, Norinco to Build Fao Oil Refinery

Iraq has signed a contract with two Chinese companies, PowerChina and Norinco International, to construct an oil refinery at the port of Fao on the Gulf, according to an Iraqi official this weekend.

The new refinery will have the capacity to produce 300,000 barrels per day and also includes a petrochemical plant. 

Since IS overran the Baiji processing plant north of Baghdad in 2014, its refining capacity has been reduced. Although this was recaptured in 2015, it sustained major damage, therefore Fao and other new refineries in the and projects in the pipeline will be important as Iraq seeks to become self-sufficient when producing oil products.  

Source: Reuters




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