Chinese Company Wins Contract For Faw Refinery Project

(MENAFN- Iraq Business News) By John Lee.

Prime Minister Mohammed Shiaa Al-Sudani presided over the signing ceremony for the Faw Refinery Investment Project, a significant initiative within the framework of Iraq's plan to expand refining capacities and attract foreign investment.

The project, a collaboration between the Ministry of Oil's South Refineries Company (SRC) and the China National Chemical Engineering Company (CNCEC) , aims to bolster Iraq's refining and petrochemical industries.

Al-Sudani urged the Chinese company to expedite project implementation, emphasizing its importance to the country's economy. The refinery, with a capacity of 300,000 barrels per day, will adhere to international environmental standards and utilize modern technology to produce petroleum derivatives for both domestic consumption and export.

Additionally, the project includes the construction of a petrochemical complex with a capacity of 3 million tons per year and a 2000-megawatt power station. It also encompasses the establishment of the Faw Academy for Refinery Technology to train Iraqi personnel for future refinery management.

The project is expected to stimulate local industries, create job opportunities, and contribute to the socio-economic development of surrounding areas.

Media reports say the project will be carried out by Hualu , a subsidiary of CNCEC. Hualu signed a 'preliminary principles agreement' for the project in December 2021.

(Source: Ministry of Oil)

The post Chinese Company Wins Contract for Faw Refinery Project first appeared on Iraq Business News .

MENAFN15052024000217011061ID1108219265