Azerbaijan, Baku, Oct.8 / Trend, A.Taghiyeva /
Iraq plans to increase oil refining depth from 50 to 80 percent due to modernization of the old oil refineries and increase output of light oil products (gasoline, naphtha, kerosene, light heating oil, diesel fuel), Iraqi Oil Ministry's official representative Asym Jihad told Trend on Monday.
Iraq also intends to conduct engineering studies, which will help increase the capacity of oil refineries. He said the project will cost $2.5 billion, and it will be sponsored by the Iraqi Oil Ministry.
According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011.
The country ranks third in OPEC after Saudi Arabia and Iran. According to BP, oil production in Iraq amounted to 2.798 million barrels per day in late 2011.
The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country.