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Today, Wednesday, the Ministry of Finance signed a memorandum with Chargé d'Affaires of the Japanese Embassy in Baghdad, Masamoto Kenichi, regarding the Japanese yen loan for the Basra Refinery Development Project (Phase IV).
And the Iraqi News Agency (INA) stated, "The Minister of Finance, Taif Sami, signed today, in the ministry's building with the Chargé d'Affaires of the Japanese Embassy in Baghdad, Masamoto Kenichi, a memorandum regarding the provision of a Japanese yen loan for the development of the Basra Refinery (Phase IV)," noting that "the value of the loan It amounts to 120 billion Japanese yen, which is equivalent to about 1,200 million US dollars.
She added, "The project will develop the current Basra refinery by installing a new refinery called the Liquid Catalytic Cracking Complex (FCC), which can convert the remaining oil from the existing stations into oil products of high value, as it will be the first liquid catalytic cracking complex."
The project aims to increase the quality of petroleum products and bridge the gap between supply and demand, in addition to alleviating the environmental burden at the new plant through the introduction of a Light Gas Oil Desulfurization Unit (LGOHDT) through technology transfer.
Once the project is implemented, the Basrah Refinery will be the first FCC that will produce high value-added petroleum products such as gasoline and diesel, which will be in line with international environmental standards.
The project is expected to lead to:
1- Providing foreign currency that may be spent on importing a huge amount of fuel, improving trade and current accounts, and reducing the fiscal deficit.
2- Providing economic opportunities and job opportunities for the Iraqi people, especially through and after the project.
3- Modernizing the Iraqi energy industry and paving the way for attracting the savings sector in the Iraqi energy sector.
4- Reducing air pollution by reducing the sulfur content in petroleum products in accordance with international standards.
Views 55Added 12/28/2022 - 12:40 PMUpdated 12/28/2022 - 2:15 PM[You must be registered and logged in to see this link.]