Babel Investment Commission signs memorandum with U.S. companies to set up oil refinery southern al-Hella

aladab4_928774230( Babel – Babylon Investment Commission (BIC) announced the signing of a memorandum of understanding with a group of American companies concerning the establishment of an oil refinery in the district of al-Kifel, located southern al-Hella city.

Bassim al-Janabi, head of BIC, said: “A delegation from the local government and the Babylon Investment Commission have signed a memorandum of understanding with the Spear Petroleum International group based in the USA to set up an oil refinery in al-Kifel district.”

Al-Janabi noted that the memorandum of understanding included the establishment of a refinery with a production capacity of up to 300,000 barrels a day of refined petroleum products and also assured that the two parties will cooperate in order to overcome any obstacles to obtain the necessary approvals for the implementation of what was stated in the memorandum.

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