An oil refinery in southern Iraq will be receiving large-scale reconstruction assistance from a firm based in Japan. Japanese builder JGC Corporation held a signing ceremony with an Iraqi oil company for the project Thursday in Baghdad.
This upgrade will be in Basra and will pave way for an increase in the production of gasoline and diesel fuel. Cost of the upgrade will be about 3.7 billion dollars and will be funded mostly in yen loans.
Iraqi oil minister Ihsan Abdul Jabbar Ismail expressed his thoughts as to the importance of the project to his country and the oil industry in general. Iraq is one of the world's leading oil-producing countries which relies heavily on imports.
The president of JGC, Mr. Yamazaki Yutaka, was hopeful that this project will be an opportunity to provide technological transfers and develop human resources between the two countries.