Less is more in Iraqi downstream
The government’s new focus on relatively small, state-funded refinery expansions and upgrades bodes well for long-awaited progress
Iraq’s first major greenfield refinery since the 1980s, in the central province of Karbala, began trial operations in September in preparation to start delivering much-needed light fuels to the local market by early 2023. Years late and paid for upfront by Baghdad rather than by the private investors originally sought, the scheme is nonetheless a relative success in the context of a 15-year-old downstream expansion plan beset by delays and cancellations. A new federal government took office in October predictably vowing to do better than its predecessors in expanding capacity and attracting foreign investment across the country’s hydrocarbons sector, refining included. Legacy big-ticket, pri
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