Iraqi oil minister Hussain al-Shahristani has said the estimated cost of building four new refineries in the country to add some 740,000 barrels per day of refining capacity is more than $20bn, Reuters has reported. The ministry will have a clearer idea about the eventual cost of the four new refineries after receiving design and feasibility studies, he said. Iraq plans to boost its refining capacity to 1.5 million bpd in the next five years by building the four new refineries and overhauling existing ones.