Prime Minister Mustafa Al-Kadhimi on Sunday laid the cornerstone for a project set to increase the South Refineries Company (SRC) production capacity in Iraq’s key Basra Port while also working towards greater environmental sustainability.
“This project will increase our production capacity by 55,000 barrels per day,” Al-Kadhimi noted during the ceremony, “and give us oil products without leaving us with large volumes of low-value oil”.
The project will build the Continuous Catalytic Cracker (CCR) and Naphtha Hydrotreating (NHT) units. The contract was signed in October between SRC and Iraq’s Ministry of Oil with Japan’s JGC Corporation.
The project is funded by the Japan International Cooperation Agency (JICA) as part of an official development assistance loan project. According to a JICA statement issued last year, the project to build Iraq’s first-ever Fluid Catalytic Cracking (FCC) complex will increase Iraq’s potential to produce a larger volume of high-value products and promote the transfer of refining technologies from Japan.
The new plant will also reduce sulfur content in the oil products in line with environmental standards.
“We must all create an attractive environment for investment and foreign companies, in order to increase the number of construction and development projects across the entire country” Al-Kadhimi stressed.