BAGHDAD, Sept. 16 (Xinhua) -- The Iraqi Ministry of Oil announced Thursday that it signed an initial agreement with two energy companies, namely Sweden's SEAB and Turkey's Limak, to build an oil refinery in the northern province of Nineveh.
"Under the auspices of Iraqi Minister of Oil Ihsan Abdul-Jabbar Ismail, the ministry's North Oil Company signed an initial agreement with SEAB and Limak to build al-Qayyarah oil refinery in the south of the provincial capital Mosul with a capacity of 70,000 barrels per day," the ministry said in a statement.
During the signing ceremony, deputy minister for refining operations Hamed Younis said that the ministry is keen to improve the refining sector by building advanced oil refineries across the country and by adding advanced units to the existing refineries to increase and improve the production, the statement said.
Iraq's economy relies heavily on the export of crude oil, which brings in more than 90 percent of the country's revenues. Enditem
