Conclusion of an agreement with Japan to develop the Basra refinery
The first 2023/08/17
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Baghdad: Shukran Al-Fatlawi
The Iraqi government concluded an agreement with its Japanese counterpart to finance the fifth phase of the Basra refinery development project, with an amount of one billion and 433 million dollars within the Japanese loan.
Finance Minister Taif Sami, who signed on behalf of the Iraqi side with the Japanese ambassador accredited to Baghdad, Futoshi Matsumoto, said yesterday, Wednesday, in a meeting attended by "Al-Sabah": that Iraq signed the fifth phase of the agreement to develop the Basra refinery with an amount of one billion and 433 million dollars, and it is included in the general budget for the year 2023, stressing that the refinery will help revitalize the private sector and the energy industry and provide job opportunities for the people of the country upon completion.
She described the project as gigantic and vital, as it will contribute to supplying the Iraqi market with the oil products it is currently importing, in addition to its contribution to bridging the gap between supply and demand for oil derivatives, accompanied by an increase in the quality of the derivatives and the reduction of the environmental burden through the removal of sulfur from light gas oil.
Sami revealed that communication is continuing with the Japanese side at various levels and the implementation of projects, in an effort to modernize the energy industry and other industries, and pave the way for attracting the private sector to the Iraqi energy sector, pointing out that the project works to reduce air pollution by reducing the sulfur content in oil derivatives according to to international standards.
For his part, the Japanese ambassador accredited to Baghdad, Futoshi Matsumoto, explained in his speech that the project aims to modernize the refinery through the installation of a cracking complex, which can convert the remaining oil from the refineries into oil derivatives, noting that the refinery, after its completion, will be one of the largest refineries producing oil derivatives. High quality according to international standards.
It is noteworthy that the Basra refinery development project is the first liquid cracking complex that produces petroleum products with high added value, such as gasoline and diesel, and will be in line with international environmental standards.
Edited by: Mostafa Majeed
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