Citadel Capital Signs MOU to Build Refinery in Iraq

Source: www.gulfoilandgas.com 8/27/2011, Location: Middle East

Citadel Capital has concluded a memorandum of understanding (MOU) with the Petroleum Ministry of Iraq to build a 150,000-barrel-of-oil-per-day (BOPD) complex petroleum refinery in Iraq. Under the terms of the MOU, the Ministry of Petroleum would guarantee the refinery its feedstock and purchase the refined products under a 25-year off-take agreement at international prices.

The MOU gives Citadel Capital three years to complete all project studies, including technical, environmental and financial, among others; and allows Citadel Capital to build fuel stations and electricity generation plants. The new 150 million square meter refinery will take up to four years to construct and would enjoy tax breaks as accorded by relevant Iraqi laws.

Citadel Capital is a private equity in the Middle East and Africa. It focuses on building regional platforms in select industries through acquisitions, turnarounds, and green fields executed via Opportunity Specific Funds. Citadel Capital's 19 OSFs now control Platform Companies with investments worth more than $8.7bn in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy.


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