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Iraq agrees with a Chinese company to build the Fao refinery at a cost of $8 billion
- Time: 12/30/2021 12:51:59
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{Economic: Al Furat News} The Ministry of Oil has signed an agreement of preliminary principles with the company HUALU on behalf of the Chinese company CNCEC for the Al-Faw investment refinery project with a capacity of 300,000 barrels per day and the construction of a petrochemical complex.
On the sidelines of the signing of the agreement today, Thursday, Oil Minister Ihsan Abdul-Jabbar said that "the initial cost of the project ranges from 7 to 8 billion dollars, and the second phase may well exceed this figure."
He added that "the realization of the project on the ground will transform Iraq from a country that uses its direct resources in managing its business into a country that uses its investment environment well and attracts funds."
Abdul-Jabbar pointed to "the need for Iraq to strengthen relations with large companies and capital, in addition to the importance of good management of the country's financial and human resources."
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{Economic: Al Furat News} The Ministry of Oil has signed an agreement of preliminary principles with the company HUALU on behalf of the Chinese company CNCEC for the Al-Faw investment refinery project with a capacity of 300,000 barrels per day and the construction of a petrochemical complex.
On the sidelines of the signing of the agreement today, Thursday, Oil Minister Ihsan Abdul-Jabbar said that "the initial cost of the project ranges from 7 to 8 billion dollars, and the second phase may well exceed this figure."
He added that "the realization of the project on the ground will transform Iraq from a country that uses its direct resources in managing its business into a country that uses its investment environment well and attracts funds."
Abdul-Jabbar pointed to "the need for Iraq to strengthen relations with large companies and capital, in addition to the importance of good management of the country's financial and human resources."
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