Baghdad has announced plans to build new refineries and repair or replace those damaged in the war with Islamic State. Deputy oil minister Fayyad al-Nima told Bloomberg recently that Baghdad spends more than $2bn a year on gasoline and diesel imports, but aims to eliminate the need for imports by raising refining capacity to around 1.5mn b/d by 2021.

The ministry has invited foreign investors to submit bids for a number of refineries ranging in capacity from 70,000 b/d to 300,000 b/d, but...