Iraq says $30 Billion Needed for Oil-Refinery Projects

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 20, 2011 -- According to U.S Energy Information Administration data, Iraq generates the majority of its revenue by exporting oil and importing about 30% of the gasoline it uses. The country is now seeking $30 billion in foreign investment to build refineries and develop oil and gas fields to avoid importing gasoline and diesel.

Iraq Mega Projects 2011 taking place from the 18-20 October 2011, at the Ritz Carlton, Istanbul, Turkey, will look in-depth at case studies showcasing the challenges, progress and solutions faced in the development and investment of Iraq’s oil and gas fields, while bringing together operators, local governors, service providers and experts.

The Iraqi Deputy Oil Minister stated “projects would raise Iraq’s capacity to transform crude into fuels by 900,000 barrels a day.”

“Four refineries currently in design and engineering stages are planned for Kirkuk, Maysan, Nassiriyah and will add 750, 000 barrels a day to capacity. In addition, a proposed 150,000 barrel a day facility in Nineveh is in the provisional phase and will refine heavy crude once production starts in nearby fields.”

Conference sessions will be led by field contract holders and service companies who will give their opinion on capacity and showcase both their experiences in Iraq and the expertise they have brought to the region.

Sponsors to date Include: Caterpillar, Iratrac, Unatrac, Emerson, Lakeshore TolTest, Olive Group, ExxonMobil, Statoil, Total, Oxy, Techint, OIEC, ACT, Exterran and Unaoil Group

For further information visit: http://www.cwcimp.com/

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