On Wednesday, the Iraqi oil ministry stated that the government had agreed to sign a contract for an oil refinery construction with JGC Corp. with a cost of USD4 billion.
The planned 55,000 bpd refinery will locate in the southern region of Basra. It will produce fuels such as liquified petroleum gas (LPG), gasoline, and gasoil.
According to the director-general of state-owned South Refineries (SRC), Husam Hussein Weli, the project is planned to start next year with a completion time of four years. At the moment, the proposal is requiring approval from Iraq’s cabinet.
For some moment, Iraq has been planning to increase its Basrah refinery’s capacity but the works have been delayed repeatedly.
