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Iraq Looks to Foreign Investment To Boost Oil Capacity

Technip, a French company, has been awarded a major refining contract in Iraq.
Iraqi workers walk through the al-Doura refinery in Baghdad April 9, 2012. OPEC is seeking a balance in world oil prices, but political instability rather than production issues are affecting the market price, Iraqi Oil Minister Abdul Kareem Luaibi said on Monday.  REUTERS/Mohammed Ameen (IRAQ - Tags: ENERGY POLITICS) - RTR30IVL
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Technip, a French company specializing in the management of energy producing installations, received a “significant contract” in the second phase of the oil refinery project in the Iraqi province of Karbala, in what seems to be an actual manifestation of Iraq’s desire to rely on foreign investments in order to remedy the shortfall experienced by its refineries in satisfying domestic needs for petroleum derivatives.

Te chnip issued a statement in which it said that the Iraqi State Company for Oil Projects awarded it a “significant contract for project management consultancy services for the engineering, procurement and construction phase of the Karbala refinery.”

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