Iraq’s oil ministry has laid the foundation stone for the greenfield 150,000 b/d Misan refinery. But local consultants doubt the credentials of the two companies awarded the project: China’s Wahan (85%) and Swiss Satarem (15%).

The ministry initially awarded to Satarem alone, a firm with no apparent refining experience (MEES, 3 January 2014).

Details on Wahan are also thin on the ground, though ministry claims project finance will come from two Chinese state banks – China...