Baghdad The Ministry of Oil, represented by the North Refineries Company, signed a memorandum of agreement of principles (HOA) to implement the Qayyarah investment project with a capacity of (70) thousand barrels per day with the Swedish companies SEAB and the Turkish company Limak.

Undersecretary for Liquidation Affairs Hamid Younis said, during the signing ceremony, that the ministry is keen to advance the liquidation sector through an axis related to plans to develop government refineries by adding advanced units to increase production and improve products, and another axis related to the establishment of advanced investment refineries distributed throughout Iraq and according to need and population density, which aim to cover and meet the local need.

Younis added that the memorandum of agreement on principles for the implementation of the Qayyarah investment project comes within this framework, and represents an important addition to the liquidation sector, especially for Nineveh Governorate.

For his part, General Manager of the North Refineries Company, Qassem Abdel Rahman, said that the memorandum of principles with the companies (SEAB) and (Limak) draws a road map for an investment contract for the Qayyarah refinery with a capacity of (70) thousand barrels per day using complex and advanced techniques to treat heavy oil and turn it into white products with European specifications (Euro 5(.

For his part, Director General of the Department of Studies, Planning and Follow-up, Naseer Aziz, said that this project is in line with the Investment Law for the Refining of Crude Oil No. 64 of 2007, and is included in the Ministry’s investment plan to develop the refining sector using modern technologies to treat heavy oil in Qayyarah, Nineveh Governorate, and that the project represents a qualitative leap and an important addition to the refining sector, and it adopts clean, sustainable and environmentally friendly energy standards.

The representative of (SEAB) company, Taher Ablahad Qariou, expressed his happiness that his company joined the implementation of a large and important project that falls within the strategy of the Ministry of Oil and its plans to develop the refinery sector, stressing that negotiations with the concerned authorities in the ministry took more than a year to reach the formula of the principles agreement, followed by signing the contract after three months, during which the contracting companies submit their financial and technical obligations and documents related to the project.

Meanwhile, the representative of (Limak) company, Abdul Hakim Madhi, confirmed his company’s readiness to implement the project, which is one of the important projects in the refining sector, using the latest equipment and technologies for treating heavy oil

Source: National Iraqi News Agency