Private equity firm Citadel Capital won a contract from Iraq's government to build an oil refinery in the country with capacity of 150,000 tons per day, the company said on Thursday.

Citadel "signed with the Iraqi oil ministry a deal to build an advanced petroleum refinery in Iraq with production capacity of 150,000 barrels per day," Citadel said in a statement.

The ministry has responsibility for procuring raw materials and products for the plant for the first 15 years of operations, Citadel said.

It was given three years to design the facility and build necessary infrastructure. Construction would take around four years, the Egyptian company added.