World Tribune.com

Iraq to invest $3.75 billion in oil refineries

SPECIAL TO WORLD TRIBUNE.COM
Thursday, January 20, 2005

BAGHDAD — Iraq plans to invest $3.75 billion to construct and modernize oil refineries.

An Iraqi government plan urged the Oil Ministry to make the construction and modernization of refineries a priority in 2005. The plan said Iraq was not obtaining revenues from its refineries, estimated at $5.2 billion a year.

The strategic plan said new refineries would reduce the costs of importing gasoline. The paper said gasoline imports would cost Iraq $2.4 billion during 2005, Middle East Newsline reported.

"For this reason, the rehabilitation and creation of new refining capacity should take first priority during 2005, in order to reduce the budgetary cost," the paper said.


Copyright © 2005 East West Services, Inc.

Print this Article Print this Article Email this article Email this article Subscribe to this Feature Free Headline Alerts

Google
Search Worldwide Web Search WorldTribune.com Search WorldTrib Archives