Iraq intends to convert Karbala Refinery into a company

Iraq intends to convert Karbala Refinery into a company

Iraq’s Ministry of Oil confirmed on Wednesday that the Karbala refinery produces 70 percent of the country’s need for oil derivatives, it also indicated to the intention to convert the refinery into a company.

The undersecretary of the Ministry of oil for Liquidation Affairs, Hamid Younis al-Zubai, told the Iraqi News Agency (INA) that “the Karbala refinery has an independence at a lower level than a company, that it does not affiliate with any other refinery companies,” stressing “the intention of the Ministry of oil to raise the Karbala refinery to the level of a company, after completing its infrastructure of and logistics.

He added that “the ministry is currently working on the formation of administrative, technical, financial, legal, contractual and supervisory departments of the refinery.

“After the completion of the infrastructure of the Karbala refinery from the departments and logistics, the cabinet will be approached to approve the refinery as a company,” he pointed out.

“The refinery’s current production level of oil derivatives covers about 70 percent of Iraq’s need,” he stressed.