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.