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Signing an agreement between Iraq and Japan to implement the Basra refinery development project
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2022-12-28 05:13
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Shafaq News/ Today, Wednesday, the signing ceremony took place at the headquarters of the Ministry of Finance in the capital, Baghdad, for the financing agreement for the Basra refinery development project with the Japanese International Cooperation Agency (JICA), the fourth phase, at a value of one billion and 200 million dollars, within the framework of the joint bilateral cooperation agreement between Iraq and Japan.
The Minister of Finance, Taif Sami Muhammad, signed on behalf of the Iraqi side the letters exchanged with the Chargé d'Affaires of the Japanese Embassy in Baghdad, Mr. Masamoto Kenichi, and also signed the loan agreement with the Executive Director of JICA Iraq Office, Yoneda Jin.
The financing of the FCC catalyst cracking project is considered one of the giant and important projects in the field of developing the oil industry, which will contribute to the provision of oil products that Iraq is currently importing, and will bridge the gap between supply and demand for oil derivatives. The new plant will also reduce the environmental burden by introducing Unit for desulfurization of light gas oil, noting that there is an intention to sign a loan agreement for the fifth and final stage of the project next year.
During the ceremony, the Minister of Finance said, "The completion of the implementation of the project phases will activate the participation of the private sector in the energy industry in Iraq and provide economic opportunities for the Iraqi people." Thus contributing to enhancing the ability of the workforce to provide petroleum products of all kinds to citizens.
She added, "We are in the process of directing the focus of the ministerial curriculum towards the priorities of reforming the economic and financial sectors, and enhancing the requirements for creating a comprehensive and sustainable development environment in accordance with the ministry's strategy to improve the conditions for establishing and financing projects in partnership with international financial organizations."
It is noteworthy that the Council of Ministers authorized the Minister of Finance, in its session held on December 19, 2022, to sign a loan agreement financing the Basra Refinery Project / Phase Four, based on the provisions of Article (5/First) of the Emergency Support for Food Security and Development Law (2 of 2022). ), provided that the implementation of the fifth phase of the project is included in the 2023 budget.
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[You must be registered and logged in to see this image.]
2022-12-28 05:13
Share
Font
Shafaq News/ Today, Wednesday, the signing ceremony took place at the headquarters of the Ministry of Finance in the capital, Baghdad, for the financing agreement for the Basra refinery development project with the Japanese International Cooperation Agency (JICA), the fourth phase, at a value of one billion and 200 million dollars, within the framework of the joint bilateral cooperation agreement between Iraq and Japan.
The Minister of Finance, Taif Sami Muhammad, signed on behalf of the Iraqi side the letters exchanged with the Chargé d'Affaires of the Japanese Embassy in Baghdad, Mr. Masamoto Kenichi, and also signed the loan agreement with the Executive Director of JICA Iraq Office, Yoneda Jin.
The financing of the FCC catalyst cracking project is considered one of the giant and important projects in the field of developing the oil industry, which will contribute to the provision of oil products that Iraq is currently importing, and will bridge the gap between supply and demand for oil derivatives. The new plant will also reduce the environmental burden by introducing Unit for desulfurization of light gas oil, noting that there is an intention to sign a loan agreement for the fifth and final stage of the project next year.
During the ceremony, the Minister of Finance said, "The completion of the implementation of the project phases will activate the participation of the private sector in the energy industry in Iraq and provide economic opportunities for the Iraqi people." Thus contributing to enhancing the ability of the workforce to provide petroleum products of all kinds to citizens.
She added, "We are in the process of directing the focus of the ministerial curriculum towards the priorities of reforming the economic and financial sectors, and enhancing the requirements for creating a comprehensive and sustainable development environment in accordance with the ministry's strategy to improve the conditions for establishing and financing projects in partnership with international financial organizations."
It is noteworthy that the Council of Ministers authorized the Minister of Finance, in its session held on December 19, 2022, to sign a loan agreement financing the Basra Refinery Project / Phase Four, based on the provisions of Article (5/First) of the Emergency Support for Food Security and Development Law (2 of 2022). ), provided that the implementation of the fifth phase of the project is included in the 2023 budget.
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