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Business

Iraq signs contract to open new refinery in Kirkuk

By Rudaw 8/2/2018
Iraq’s oil ministry signed a contract with Ranya International on Thursday. Photo: Iraq Oil Ministry
Iraq’s oil ministry signed a contract with Ranya International on Thursday. Photo: Iraq Oil Ministry
ERBIL, Kurdistan Region — Iraq’s oil ministry signed a contract with Ranya International to build a refinery with the production capacity of 70,000 bpd in Kirkuk province.

The contract was signed on Thursday in the presence of Iraqi Oil Minister Jabbar al-Luaibi.

“Mr. Minister reiterated that the establishment of the Kirkuk refinery is a good first step for investment in the refinery sector to cover internal demand in the province and adjacent neighbors,” read an official statement published by the ministry on Thursday.

The minister added that the project falls into the plans and programs by the ministry for meeting the internal demand of oil derivatives, while exporting the surplus.

“The signing of the contract complements the efforts of the ministry to develop the oil industry in the Kirkuk province,” Luaibi added.

Other refineries are set to be established as a part of strategic projects by the ministry to increase national production of oil derivatives. 

“This will increase financial income of the Iraqi state’s treasury,” Ziya Jaffar, the counselor to the ministry added.

Ranya International is a company based in the Kurdistan Region, according to Reuters.

The Kurdistan Regional Government’s (KRG) revenues have been slashed by about half since the loss of Kirkuk, further worsening the Region’s financial crisis caused by Iraqi budget cuts since early 2014, low oil prices, and the war against ISIS. 

Iraq has banned the Erbil-based KAR group that operated a number of oil fields of Kirkuk. 

The Kurdistan Regional Government and the Iraqi federal government are locked in a stalemate over the 2018 budget. The KRG demands the return of its 17-percent budget share, while Iraq is proposing a 12.6 share, which the International Monetary Fund has said isn’t sufficient.

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What You Say

siraj davis | 8/14/2018 5:22:57 PM
There may be 1000 ISIS fighters in Iraq. No way possible there are 30,000. Kirkuk has been a battle ground for ISIS since the fall of Mosul. If...
Hamid Sayadi | 8/15/2018 5:21:48 AM
the best shot for this cancers diseases is Take Turkey out of NATO ! you will see the Turkik dreams of the Sunny world will disappear. It is the Main...
20,000-30,000 IS fighters left in Iraq, Syria: UN report
| 13/8/2018 | (4)
Mister B | 8/15/2018 3:53:59 AM
There has to be taken into consideration that the fact that under the AKP rule, the leadership over a couple of years didn't make reforms concerning...
Hamid Sayadi | 8/15/2018 5:16:24 AM
Sorry, Erdogan, you need Rabies shot!
Why is Turkey facing economic oblivion?
| 13/8/2018 | (8)
Cary | 8/15/2018 2:14:28 AM
Erdogan forgets that he may be all powerful within the boarders of Turkey, but beyond that his power fades very quickly.
Jay | 8/15/2018 3:14:57 AM
Well put, it's time the dictator wake up from his hallucination and remember his place, he has become the school bully, abusing anyone who dares...
Trump sends Erdogan a reality check
| yesterday at 08:13 | (8)
FAUthman | 8/14/2018 6:58:52 PM
Very good article, thank you. In 2015 the year sanctions on Iran were lifted and one year since the start of the ISIS war, Iraqis sold their Iraqi...
M | 8/15/2018 3:02:28 AM
Abadi is backing off his promise to honor US sanctions. No surprise there.
Iraq’s compliance with Iran sanctions spooks Kurdish business
| yesterday at 10:27 | (3)

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