Oil Minister Thamer Ghadhban, speaking at the Iraq Petroleum conference in London, said that the nation needs a new investment model for refineries.
“Building an attractive investment model for new refineries has been less than satisfactory and the Ministry of Oil has started working on alternative models," he said, noting that the nation's need to import gasoline and gasoil had put pressure on the treasury in the past few years as demand for refined products has grown.
"A new investment model with more inventive to investors shall be offered in coming weeks," he added.
Ghadhban hopes to expand Iraq's downstream activities, with the the ultimate goal to "increase revenues and reduce reliance on imported refined products."
This would require the launch of new refinery projects, and subsequent investments into the downstream sector to build up the needed ecosystem and facilities to supply the nation with products including gasoline and gasoil.
“A number of opportunities for upgrading our existing refineries have been offered to our Iraqi private sector and several of them have been approved, in addition to the modern 150,000-b/d Karbala refinery, which is under construction now,” he said.