World Business News

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Oil plant shuts amid Iraq chaos

Zone(s): Iraq ¦ Sector(s): Oil, Economy

[18 June 2014, City A.M.]  By Kate McCann: The biggest oil refinery in Iraq was shut down yesterday, amid fears militants from terrorist group the Islamic State of Iraq and the Levant (Isis) could gain control of the plant.

Foreign workers have been evacuated from the site in the northern town of Baiji and the refinery has been surrounded by militants but remains under the control of the Iraqi military, sources say.

The escalation of violence and targeting of oil production in the troubled nation will raise fears that Isis could strangle the supply of resources to Iraq and the nations to which it exports, squeezing global prices. An employee at the refinery said there was enough gas and oil to satisfy domestic demand for a month.

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