Iraq’s new administration is attempting to revive a program of investment refineries that previous governments have tried and failed to bring to fruition in a bid to revive the country’s decrepit downstream sector.

While neighboring states are capitalizing on Europe’s need to replace Russian refined products and the resultant bumper refining margins (MEES, 27 January), Opec’s second largest producer is facing up to yet another year of expensive imports. (CONTINUED - 1500 WORDS)