Rebuilding Baiji refinery is Iraq’s “most urgent” need. Baghdad’s fundraising drive looks to have injected some much needed rigor into its haphazard plans to rejuvenate its derelict downstream sector, but it will still struggle to entice investors.

Iraq’s oil ministry has adopted an erratic approach to its downstream rehabilitation plans over the past year, announcing and re-announcing planned refineries of various capacity seemingly at random.

This...