The preliminary agreement for the Al-Faw Investment Project and the Petrochemical Complex was inked during a signing ceremony in Baghdad, Iraq.
On behalf of the Ministry of Oil, the Director-General of South Refineries Company, Hussam Hussein Wali, and Yu Fang Chunk, General Manager of Hualu Company, were the ones to sign the contract.
The Al-Faw Investment Refinery Project is believed to bring in throughput of 300,000 barrels per day (bpd).
According to Ihsan Abdul-Jabbar Ismail of the Minister of Oil, the project will no doubt improve Iraq's role in the manufacturing and petrochemical industries as well as make a significant contribution to sustainable development.
He added that the project's cost is between 7 to 8 billion US dollars, possibly reaching up to 29 billion.
Ismail stressed that this deal is the largest in the Iraqi energy industry and will expand the role of Iraq in this field.