BAGHDAD (AP) -- Iraq's prime minister says his country has signed a $6 billion contract with Swiss company Satarem to build and run an oil refinery in southern Iraq.
Prime Minister Nouri al-Maliki's office announced the deal on his official website in a statement dated Thursday.
The project calls for Satarem to construct and operate a 150,000 barrel-per-day refinery in the southern province of Maysan, which borders Iran.
Iraq sits atop the world's fourth-largest proven reserves of conventional crude, with about 143.1 billion barrels, and oil revenues make up 95% of the country's budget. It lacks refining capacity to meet local demand for fuel.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.