POST Online Media Lite Edition


Tokyo agrees to lend Iraq $2.1bn to develop Basra refinery

Staff Writer |
Basra Provincial Council announced that the Japanese government has agreed to lend $2.1 billion to Iraq for developing Basra refinery and added that the loan.

Article continues below

This will be repaid in 40 years with an interest rate of 2 percent. Head of Oil and Gas committee in the council Ali Shaddad in a statement said, “The Japanese government has agreed to lend Iraq a loan of 2.1 billion US dollars to execute a number of projects for rehabilitating Basra Oil Refinery. The loan will be repaid in 40 years with a 2 percent interest rate.”

Shaddad added, “The allocated loan will be used to execute a number of strategic and vital projects in Basra refinery and these projects will be completed by 2020. These projects include oil gas hydrogenation project with a capacity of 20000 barrels per day.”

“These projects are designed to bring production at the refinery to about 4,500 tons of reformulated gasoline, and about 27 thousand barrels of fuel oil and 40000 barrels of hydrogenated oil gas per day, in addition to the production of 500 tons of liquid gas,” Shaddad continued.

What to read next

Iran to construct new gas export pipeline to Iraq
Iran to inaugurate pipeline supplying gas to Baghdad in late March
Iran's Exports to Iraq exceed $7bn