Iraq approves huge Japanese loan to develop oil refinery
Iraq approves huge Japanese loan to develop oil refinery
2018/12/25 9:17
The Minister of Oil Thamer Ghadhban announced the approval of the ministry on the Japanese loan {JICA} to develop Basra refinery worth three billion and 600 million dollars.
Al-Ghadhban said in a press statement: “The Cabinet recently approved on the recommendation of the Council of Ministers of Energy, which I head, on the Japanese loan {JICA} to establish a cracker in Basra refinery and development of $ 1 billion, and there are other contracts will be completed so that loans from JICA to develop a refinery Basra to three billion and 600 million dollars on concessional terms and up to 3 years because it is complex and there is a turnout in many international companies because it will pass on the basis of a contract and funding existing loan.
“At the same time, there is the construction of new refineries or what is known as investment refineries and one of them under construction in Karbala, which faced difficulties in the beginning as a result of falling oil prices and the inability of the state at the time and the level of terrorism and urged some areas of the country.
“The refinery has had difficulties in paying the dues of the Korean contractor. The work stopped and the previous government took measures, made payments and I personally met the contractors,” Ghadhban said.
He pointed out that “we have weekly advanced angel headed by Undersecretary goes to the refinery to see the progress of work and promised the contractor that next year will see an increase in completion rates for the current year and the goal is to be the first achievement mid-year 2021.”
“The Karbala refinery is modern with European specifications and produces high octane gasoline, low sulfur gas oil, and black oil at a higher rate of 18 percent, not 50 percent as it is now. Most of the production will be benzene and medium distillates. It is close to major consumption centers and will be connected to pipelines And its products are within the national network of petroleum products. ” is over
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