Friday, April 20, 2007
Petro-Gulf to assist in building $130 mn oil refinery
Oil, Business
(IRAQdirectory) - The Kuwaiti Gulf Company for Petroleum Investment (Petro-Gulf) said on Saturday that it intends to assist in building an oil refinery at an investment of $ 130 million in northern Iraq with two others partners. According to a statement published on the Kuwaiti bourse web site on the Internet, the Company said that it had signed a memorandum of understanding with the Turkish group Chokorova to build a refinery with the capacity of 20 thousand barrels a day within other oil projects.
The statement also mentioned that the other partner is the Company of Taqat which is a contributor in Petro-Gulf Company. The statement added that the refinery is expected to be ready for operation within a year and a half. Petro-Gulf Company, which works in the oil fields business such as drilling operations and engineering operations of the upstream and downstream activities, will own 10% in the refinery project.
Labels: Chokorova, northern Iraq, oil refinery, Petro-Gulf, Taqat
