São Paulo – The Iraqi minister of Planning, Ali Baban, said yesterday (8th) that he has invited Petrobras, the Brazilian state-owned oil company, to build a refinery in his country. He made the statement while participating in a seminar at the National Organization of the Petroleum Industry (Onip), in the city of Rio de Janeiro. According to the minister, the company is analysing the proposal and the Iraqi government is committed to supplying oil at subsidized prices.
Baban participated in the seminar "Opportunities in the Iraqi Market – Refinement Program," promoted by the Onip. The refinery would have a minimum refinement capacity of more than 200,000 barrels/day, according to information disclosed by the Onip. Iraq possesses the world’s second largest oil reserves, with 180 billion barrels, especially on land. The daily Iraqi oil output is 2.4 million barrels.
Ali Baban arrived in the country early this week and has already met with several public and private sector representatives, among them foodstuff and auto industry companies, the Brazilian ministry of Planning, Paulo Bernardo, and the secretary general at the Brazilian foreign office (Itamaraty), ambassador Samuel Pinheiro Guimarães.
*Translated by Gabriel Pomerancblum