"IMPORTANT IRAQ NEWS: DETAILS OF THE MEMORANDUM OF UNDERSTANDING SIGNED BETWEEN IRAQ AND HONEYWELL OF AMERICA" BY MNT GOAT, 19 JUNE

DETAILS OF THE MEMORANDUM OF UNDERSTANDING SIGNED BETWEEN IRAQ AND HONEYWELL OF AMERICA

Today, Monday, the Ministry of Oil clarified the details of the memorandum of understanding signed with the American company Honeywell to develop refineries, and while it indicated the Prime Minister’s directive to prepare a study to establish a pipeline network adjacent to the development road, it revealed projects that will enter service soon related to raising refining capacity.

Al-Zobaie explained, “The memorandum that was signed aims to develop projects for developing refineries  and to meet what was directed by the Prime Minister regarding the refinery capacity reaching 40 percent of the production capacity of crude oil,” noting that “raising the refinery capacity to 40 percent will add value to the crude oil produced and lead to to raise financial returns and thus support the national economy.”

He pointed out that “7 projects were discussed regarding refineries, with a capacity of 70 thousand barrels for each project, in the governorates of Maysan, Dhi Qar, Muthanna, and Najaf Al-Ashraf, in addition to the third unit in the Al-Dawra, Haditha, and Qayyarah refineries.”

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