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BANGALORE, INDIA--July 27, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--The largely autonomous Kurdistan region of Iraq moved a stage closer to reducing dependence on Iraq and Turkey for petroleum products by opening its first oil refinery last month in Erbil. The refinery is run by the private Kurdish engineering and construction firm KAR Oil and Gas Company and will process crude oil from the Khurmala Dome oilfield. KAR won the $136 million contract to develop the Khurmala oil fields from the Iraqi Ministry of Oil. The region has plans to build more refineries within two years, transforming the area into an industrial base. In addition to the planned refineries, Kurdistan also intends to build more electrical power stations in the area to further enhance its independence.
Other companies featured: DNO International ASA (OSL:DNO), Addax Petroleum Corporation (TSX:AXC), China Petroleum and Chemical Corporation (NYSE:SNP)
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