China Steps Further into Iraq with New Refinery Agreement

The Iraq Ministry of Oil recently announced that China had agreed on a plan for the funding, construction, and operation of a new refining and petrochemical complex in Southern Iraq. The country has been working to get this significant facility buildout for export usage to raise refining capacity in the country. Iraqi Oil Minister Ihsan Ismael recently stated that the planned 300,000 barrel per day Al-Faw (sometimes called Al-Fao) refinery complex plan had been transferred to the China owned China National Chemical Engineering Company (CNCEC), as agreed to by China’s State-owned Assets Supervision and Administration Commission. Mr. Ismael said that “this project is the largest investment pr

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