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Iraq’s Ministry of Finance signed a 120 billion Japanese yen ($897 million) loan agreement with Japan for Phase 4 of the Basrah Refinery development project, state-run Iraq News Agency reported.
The project will develop the current Basrah refinery by installing a new Fluid Catalytic Cracking (FCC) complex – the first in the country - that will produce high-value oil petroleum products such as gasoline and diesel, Minister of Finance Taif Sami said.
The project aims to also ease the new plant’s environmental concerns by introducing a light gas oil hydrodesulfurisation unit through technology transfer.
In October 2021, Iraq and Japan signed a 32,700 million yen ($245 million) loan agreement for Phase 3 of the project, according to a Japan International Cooperation Agency (JICA) press statement.
(Writing by P Deol; Editing by Anoop Menon)
