NIC Chairman emphasizes providing all guarantees to investors according to investment law during attending the seminar regarding the new refineries issues held by the Ministry of Oil
Dr. Sami Al Araji, NIC Chairman emphasized providing all guarantees mentioned in
investment law number 13 for the year 2006 for investors interested in investing
in various sectors in Iraq including oil.
He mentioned that during the press conference after the seminar held by MoO on
Sat. 26th June 2010 regarding establishing four new oil refineries through
investment, considering the privileges of the investment law such as free access to
project capital and revenues in and out of Iraq and exemption from taxes and fees
for a period of (10) ten years in addition to other privileges granted to investors
keeping in mind that investment law and its amendment number 2 in 2010 plus
investment law number 64 in 2007 regarding crude oil refining form a perfect and
new combination for interested investors in the oil sector.
Dr. Sami also said that refining capacity achieved by these refineries in addition to
rehabilitating the current ones will be more than 1.5 m barrel per day, also
establishing power production stations with estimated capacity of 1600-1800 MW
to be used in operating the new refineries and supply the national power grid.
Investment cost in the four new refineries is about 25 billion USD. Investment will
be either through FDI or with conjunction with the MoO based on public- private
sector partnership.
NIC Chairman assured that the National Investment Commission is working
closely with the Ministry of Oil to reduce the unemployment rate by hiring trained
and untrained workers because these refineries will achieve a big rise in oil
refining sector which can be of a positive impact on the economy of the city where
they are built.
He also assured NIC efforts to attract foreign investments in all sectors including
oil in addition to creating genuine investment partnership between Iraqi
public/private sector and the foreign private sector.