Iraq’s Ministry of Oil has given more information on the new investment opportunity to build a new 300,000b/d refinery in Basra’s Faw (Fao), Iraq Business News informed.

The refinery is capable of being extended by adding new units for the petrochemicals industries. The execution is according to the methods of build–operate–transfer (BOT) or build–own–operate–transfer (BOOT), as well as to the investment law of the refineries No.64 for 2007 and its amendments.

As reported by Erbil Companies, the regulations predict that the merchandise of the refinery have to be surroundings pleasant in keeping with the worldwide requirements EURO-5. Furthermore, the tax breaks have to be in keeping with the funding regulation No.13 for 2006.

It also suggests that the low cost on the crude oil value within the transport port over the ship (FOB) subtract (8%) from the worldwide value of the crude oil, and “the subtraction have to be greater than $5 and fewer than $10”.

The studies, planning and follow-up directorate in the Ministry of Oil will prepare the information bag of the refinery and the price of the bag will be $30,000 nonrefundable.

The information bag will include the source and features of the crude oil and the water (which will be supplied to the refineries), the type of soil and the climate of the zone, the environmental specifications, and the coordinates and dimensions of the refinery land.