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Iraq’s oil ministry has laid the foundation stone for the greenfield 150,000 b/d Misan refinery. But local consultants doubt the credentials of the two companies awarded the project: China’s Wahan (85%) and Swiss Satarem (15%).
The ministry initially awarded to Satarem alone, a firm with no apparent refining experience (MEES, 3 January 2014).
Details on Wahan are also thin on the ground, though ministry claims project finance will come from two Chinese state banks – China Development Bank and China ExIm Bank – suggest an affiliation with a Chinese state firm.
Misan is one of four planned greenfield refineries totaling 740,000 b/d. Only one, 140,000 b/d Karbala, has seen an EPC award: a $6bn deal to Korea’s Hyundai. Little work has taken place: the 2019 start-up target is over-optimistic (MEES, 13 November 2015).
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