Nineveh seeks investors for new refinery projects
Shafaq News- Nineveh
Nineveh is seeking investment proposals for oil refineries and production projects as the Provincial Council moves to establish an oil company in the northern Iraqi province, its Energy Committee chief, Ahmed al-Abd Rabbo, told Shafaq News on Saturday.
Al-Abd Rabbo noted that the initiative could help develop the province's oil sector and eventually pave the way for an integrated oil company. The Council has also asked Baghdad to exempt Nineveh from the conditions normally required to establish oil companies, a recommendation still awaiting the government's response.
A provincial council member, who requested anonymity, however, cast doubt on whether the request will be approved, citing the legal requirements for establishing an oil company.
Under the applicable rules, a province must produce at least 100,000 barrels per day (bpd) to establish an oil company, while Nineveh's current production stands at about 38,000 bpd, he argued.
Nearly 55% of Nineveh's oil production is concentrated in several fields, including Qayyarah and Najma, south of Mosul, according to the Iraqi Ministry of Oil. The province has recently expanded its oil sector by restoring production from several fields damaged during ISIS's occupation of parts of Nineveh between 2014 and 2017.
