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Iraq borrows $390 million from Japan to develop Basra refinery
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Baghdad Today - Translation
The Energy Intelligence Network, which is concerned with energy affairs, revealed today, Tuesday (November 19, 2024), that the Iraqi government borrowed an amount of sixty billion Japanese yen, equivalent to 390 million dollars, from the Japanese Corporation Agency to achieve local development in the fuel refinery station in Basra.
The network said in a report translated by "Baghdad Today", "The Iraqi government has begun developing the Basra oil refinery with the amount borrowed from the Japanese government agency, amounting to sixty billion Japanese yen, which is expected to lead to an increase in Iraqi oil exports of up to 280 thousand barrels per day."
It is noteworthy that the network did not reveal the details of the contract or the agreed-upon repayment mechanism, only confirming that the Japanese government sees the loan as a “good investment.”
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