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Iraq has signed a final agreement with China National Chemical Engineering Co. (CNCEC) to build a 300,000 barrel per day refinery at the Fao depot in Basra. After years of setbacks, this deal will boost Iraq's domestic oil supply and reduce reliance on cheaper oil imports.

Iraq Finalizes $8 Billion Fao Refinery Deal

< 1 minute read

Iraq has signed a final agreement with China National Chemical Engineering Co. (CNCEC) to build a 300,000 barrel per day refinery at the Fao depot in Basra. After years of setbacks, this deal will boost Iraq’s domestic oil supply and reduce reliance on cheaper oil imports.

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