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Iraq Seeks Investors To Build $23 Billion In Refineries

Iraqi Oil Minister Hussain al-Shahristani

Iraqi Oil Minister Hussain al-Shahristani

Iraq's oil minister has said his country is seeking investors to help build four oil refineries at an estimated cost of $23 billion.

Hussain al-Shahristani said the total processing capacity of the planned refineries will be 740,000 barrels per day, although the specifics are still being studied.

The four refineries would significantly increase Iraq's capacity after years of war and sanctions. Iraq's 11 refineries process about 550,000 barrels a day.

compiled from agency reports