Iraq is seeking investors to help build four oil refineries at an estimated cost of 23 billion US dollars (£15 billion), the oil minister said today.

Hussain al-Shahristani said the total processing capacity of the planned refineries will be 740,000 barrels per day, although the specifics are still being studied.

The minister told a gathering of local and international executives that investors who build and run the refineries will have the right to buy the crude at a 5% discount.

The four refineries would significantly increase Iraq's capacity after years of war and sanctions. Iraq's 11 current refineries process about 550,000 barrels a day.

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