Iraq Invites Brazil's Petrobras To Build Mid-Size Refinery

SAO PAULO (Dow Jones Wall Street Journal)--Brazilian government-controlled energy company Petrobras (PBR) has received an invitation from Iraq's government to build a mid-sized oil refinery in that country, Petrobras said Thursday in a statement. "Iraq has invited Petrobras to participate in joint projects in that nation. All proposals will be evaluated by the company. Petrobras is always open to evaluating new business proposals," Petrobras said in its statement. Iraqi Planning Minister Ali Ghalib Baban invited Petrobras to participate in the building of an oil refinery with a daily capacity of at least 200,000 barrels, a Petrobras official who asked not to be named told Dow Jones Newswires. On Wednesday, Baban met with Petrobras Chief Executive Jose Sergio Gabrielli and the company's head of international affairs, Jorge Zelada. Petrobras will create a committee to study the issue, the company said. Among the alternatives provided by the Iraqi government is the option for Petrobras to build the refinery alone or through a joint venture. Petrobras operated in Iraq in the 1970s, but left the nation when war broke out between Iraq and Iran in the 1980s.