Iraq is in talks with ENI to build a 300,000 b/d refinery at an estimated cost of $4 billion near the Zubair oil field operated by the Italian company in the southern part of the country, the oil minister told a webcast with Jordan-based Iraqi Business Council.

The first phase of the project includes commissioning 150,000 b/d by 2025, Ihsan Ismaael said in the webcast posted online on Sept. 7.

ENI couldn't be immediately reached for comment.

ENI currently operates the Zubair oil field with a 41.56% stake, alongside partners South Korea's Kogas with 23.75%, state-owned Basra Oil Co. with 29.69% and another state partner with 5%, according to its website.

Zubair is set to produce 700,000 b/d by 2027, Ismaael said, without disclosing current production levels.

The first phase of the project includes commissioning 150,000 b/d by 2025, Ihsan Ismaael said in the webcast posted online on Sept. 7.

ENI couldn't be immediately reached for comment.

ENI currently operates the Zubair oil field with a 41.56% stake, alongside partners South Korea's Kogas with 23.75%, state-owned Basra Oil Co. with 29.69% and another state partner with 5%, according to its website.

Zubair is set to produce 700,000 b/d by 2027, Ismaael said, without disclosing current production levels.