A Preliminary Agreement For Al-Faw Refinery And Petrochemical Complex Project Signed With A Chinese Company

Baghdad / NINA / - The Ministry of Oil signed, today, Thursday, the preliminary principles agreement for Al-Faw refinery and petrochemical complex project with a Chinese company. The Oil Minister Ihsan Abdul-Jabbar said, in a press conference today, Thursday, that "the South Refineries Company signed a contract with Hualu Company, a subsidiary of the Chinese company CNCEC, to invest Al-Faw refinery with a capacity of 300,000 barrels per day and the petrochemical complex, with an investment cost of 7 billion dollars as an initial stage, and it will later rise to more in its second phase. He added, "The project will turn Iraq into a country suitable for investment in the field of liquidation and will provide oil derivatives within the highest international standards," noting that "the technical and engineering study of the project has been prepared since 2015 and four international companies have submitted to invest in the project and the Chinese company." from his side, Hualu representative Ahmed Abdul Latif said that "the company is implementing the project according to the best international technologies, and it will be the first and largest project of its kind in the region." He explained, "The first phase will be the construction of Al-Faw refinery that will produce up to 300,000 barrels per day, at a value of 7 to 8 billion dollars, and the second phase will be the construction of the petrochemical complex with a production of 3 million tons annually at an investment cost of 12 billion dollars," noting that "the project would meet the needs of oil derivatives, significantly reduces the import of oil derivatives, and provides job opportunities for Iraqis. / End