(MENAFN- Iraq Business News)
By John Lee.
The preliminary principles agreement for the Al-Faw investment refinery project has been signed in Baghdad.
The refinery will have a capacity of 300,000 barrels per day, while the petrochemical complex will be able to produce 3 million tons [per annum?].
The Minister of Oil, Ihsan Abdul-Jabbar Ismail, said that this project will enhance the role of Iraq in manufacturing and petrochemical industries and contribute to sustainable development, adding that this contract is valued at 7-8 billion dollars.
The contract was signed by the Director General of South Refineries Company (SRC) Hussam Hussein Wali, on behalf of the Ministry of Oil, and Yu Fang Chunk, General Manager of Hualu , on behalf of the Chinese side.
Hualu Engineering & Technology is majority controlled by China National Chemical Engineering Company (CNCEC) , and describes itself as 'an international engineering company proficient in providing project services such as investment and financing, consulting, technology research and development, engineering design, procurement, construction management, commissioning supervision, and plant operation and maintenance.'
(Sources: Ministry of Oil, Hualu)
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