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Citadel awarded Iraq oil refinery contract

Industry

Citadel Capital, an Egyptian private equity firm, has won a contract from Iraqs government to build an oil refinery in the country with capacity of 150,000 bpd.

Citadel "signed with the Iraqi oil ministry a deal to build an advanced petroleum refinery in Iraq with production capacity of 150,000 barrels per day," Citadel said in a statement, reported Reuters.

The ministry has responsibility for procuring raw materials and products for the plant for the first 15 years of operations, Citadel said.

It was given three years to design the facility and build necessary infrastructure. Construction would take around four years.

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