Iraq on Tuesday awarded a $6.04 billion oil refinery contract to a consortium of South Korean firms led by Hyundai Engineering & Construction, a cabinet statement said.

The refinery will be located in Kerbala with a capacity of 140,000 barrels per day and the contract has a duration of 54 months.

Earlier, Technip was awarded the project management consultancy of the refinery.

The Kerbala project is part of Iraq’s longer-term plan to construct four new refineries in an effort to add 750,000 bpd of refining capacity. The other three new refineries are to be at Nassiriya, Maysan, and Kirkuk.  - Reuters and TradeArabia News Service