Iraq, OPEC’s second largest oil producer, is planning to launch an investment project in the Southern Faw Peninsula, which is “El-Faw” oil refinery with a production capacity of 300,000 barrels per day, Attaqa reported.

The Iraqi Government will announce “El-Faw” refinery project once the agreement with any of the foreign investment companies is signed, Oil Ministry spokesman Assim Jihad said.

Jihad said that the El-Faw refinery project is part of the investment opportunities provided by the Iraqi government and the relevant ministries, including the Ministry of Oil, to cooperate in this framework with international companies.

Iraq is working to build several oil refineries in a post-war drive to develop its hydrocarbon sector and other facilities.