Reuters reported that private equity firm Citadel Capital won a contract from Iraq's government to build an oil refinery in the country with capacity of 150,000 tonnes per day.

Citadel said that Citadel signed with the Iraqi oil ministry a deal to build an advanced petroleum refinery in Iraq with production capacity of 150,000 barrels per day.

The ministry has responsibility for procuring raw materials and products for the plant for the first 15 years of operations. It was given three years to design the facility and build necessary infrastructure. Construction would take around four years.

(Sourced from Reuters)