Baghdad (IraqiNews.com) – The Iraqi Finance Ministry and the Japan International Cooperation Agency (JICA) inked a loan finance deal on Sunday for the sixth phase of the Basrah refinery development project.
The deal was signed by the Iraqi Minister of Finance, Taif Sami, and the Japanese Ambassador to Iraq, Matsumoto Futoshi, the state news agency (INA) reported.
The loan worth around $380 million will help Basra refinery produce $8 million worth of oil products per day, leading to huge benefits for Iraqi people as well as for Iraq’s financial stability, according to the Japanese embassy in Iraq.
The Basrah Refinery Upgrading Project is a significant initiative aimed at enhancing Iraq’s oil refining capacity and quality of petroleum products.
The project marks the largest Japanese reconstruction assistance to Iraq since 2003.
The upgrades will enhance the quality of gasoline and diesel, aligning with international environmental standards.
By increasing domestic production of petroleum products, the project aims to reduce Iraq’s reliance on imports, thereby contributing to economic growth and job creation. It is expected to create thousands of jobs during construction and operation phases.
The Basrah Refinery Upgrade Project represents a crucial step in revitalizing Iraq’s oil refining sector, addressing both supply-demand gaps and environmental standards.
With its scheduled completion in 2025, it is poised to play a vital role in Iraq’s economic recovery and development.
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