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- WED, 08-16-2023, PM 5:24
- KARRAR AL-ASADI
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Today, Wednesday, the Ministry of Finance announced that it had signed an agreement to finance the Basra Refinery Development Project within the loans of the Japanese “JICA” agency, while confirming that the fifth loan agreement had previously been included in the General Federal Budget Law for the year 2023, and noted that the development of this project will contribute to supplying the market. Iraqi oil derivatives that it imports and bridge the gap between supply and demand.
The process of signing a financing agreement for the Basra Refinery Development Project (phase five) took place within the Japanese loan agreement for the catalyst cracking unit (FCC).
The memorandum was signed on the Iraqi side by Finance Minister Taif Sami, and on the Japanese side, Osaki Mtsuhiro, representative of the Japanese International Cooperation Agency (JICA), in the presence of the Japanese Ambassador to Baghdad, Futoshi Matsumoto, and the Director General of the Public Debt Department in the ministry.
And the Minister of Finance stated in a press conference held on the sidelines of signing the memorandum, that "the Iraqi government has an agreement with the Japanese side that includes several loans, including (the fifth stage) included in the federal budget 2023," and pursuant to the decision of the Council of Ministers that authorized it to sign, noting that "Iraq will benefit Among those loans are to sustain and develop infrastructure and strategic projects, in addition to maintaining a high level of growth and optimal implementation of vital and service projects.
The minister continued by saying that the project aims to increase the quantity and quality of petroleum products including gasoline, diesel and kerosene through the installation of a new refinery called the Fluid Catalytic Cracking Complex (FCC) at the Basra Refinery, as this project is considered one of the high-priority projects in line with the latest program. government for Iraq to increase the volume of high-value oil products and thus stimulate the participation of the private sector in the energy industry and provide job opportunities within the promising projects that Iraq abounds in.
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