Iraq to consider investment in IOC

New Delhi:  Iraq has expressed willingness to consider investment in Indian Oil Corporation’s (IOC) Rs 29,777 crore refinery project at Paradip which is all set to be commissioned by October this year.
 
This was informed on Thursday by Union Minister for Petroleum and Natural Gas Dr. M. Veerappa Moily here who returned from Baghdad after attending the 17th Joint Commission Meeting (JCM).
 
Last month, refinery project executive director M Vijaywargiya stated that the project had already achieved 93.2 per cent progress.
 
“We are scheduled to commission the refinery in Sepetmber-October this year," Vijaywargiya had said.
 
Addressing media, Moily also said that Iraq has offered three discovered oilfields to India on nomination basis and agreed to renegotiate an oil block that has been pending since 2000.

Iraq, India's second-largest crude oil supplier after Saudi Arabia, offered to give state-owned Indian firms Kifil, West Kifil and Merjan discovered oil blocks in the Middle Furat oilfields on nomination basis, Oil Minister M Veerappa Moily told reporters here.