Iraq Taking Bids for Refined Productsadmin
The Iraqi Oil Ministry invited local and international companies to submit offers to supply the country with about two million tons of refined petroleum products in the second half of the year.
Iraq has the world’s third-largest known crude oil reserves with an estimated 115 billion barrels but suffers acute shortages of refined products such as gasoline and kerosene. Most of the country’s infrastructure has been damaged or destroyed after years of U.N. sanctions and war.
The country’s three main oil refineries are running at roughly half the 700,000 barrels daily capacity they maintained before the U.S.-led invasion in March 2003.