Japan Funds Development of Basra Refinery

By John Lee.

Iraq and Japan have signed a memorandum granting a Japanese loan for the Basra Refinery Development Project (Phase IV).

The agreement was signed on Wednesday by Iraq’s Minister of Finance, Taif Sami Mohammed, the Chargé d’Affaires of the Japanese Embassy in Baghdad, Masamoto Kenichi, and the Executive Director of JICA Iraq Office, Mr. Yoneda Jin.

The loan totals 120 billion Japanese yen, approximately equivalent to 900 million US dollars.

The project involves a new Fluid Catalytic Cracking (FCC) complex at to be built by Japan’s JGC Corporation.

(Sources: Ministry of Oil, Ministry of Finance)