Announced the investment of the province of Babylon body, on Sunday, announced the signing of a memorandum of understanding with a group of US companies to establish an oil refinery in hand rump. The head of Babylon Investment Authority on behalf of al-Janabi told all of Iraq [where] that "the memorandum signed with a group of companies [spear petroleum international limited] US, to set up a refinery in hand rump, which included the establishment of the refinery refining capacity of up to  barrels of crude oil to produce petroleum products refined in terms of vouching according to the law on the liquidation of Iraqi crude oil investment procuring conditional approval of the Ministry of Oil. "
He said al-Janabi said, "for the group of companies on the investment license applicable to them all the rights set forth in the applicable laws concerning the establishment of refineries to refine crude oil," noting that "the memo also included a commitment to group companies during the six-month period, subject to renewal from the date of signing of the memorandum for the detailed feasibility study The final and the preparation of projects, designs and programs implementation plans will also be providing them with information and documents on demand as well as the commitment of private investment law liquidation of Iraqi crude oil from the point of purchase and sale of refined oil, as the memorandum include cooperation between the parties in overcoming the obstacles to obtain the necessary regulatory approvals for the implementation of the mentioned in the note. "
He said al-Janabi said that "a group of US companies have to submit a quarterly report every three months to Iraq on the progress in the completion of the feasibility and continuous communication study, and on a quarterly basis, and to comply with all applicable in Iraq laws according to its own liquidation of Iraqi crude oil investment law", pointing out that "This note is the first agreement between the two sides do not include any representations or any warranties between the parties, and what was stated in the memorandum of understanding is canceled or if it opposes the intersection with Iraqi laws relating to this particular and other laws in force." Ended 20
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