JGC Wins Refinery Renovation Deal in Iraq
Tokyo, Aug. 12 (Jiji Press)--Japanese engineering company JGC Holdings Corp. <1963> said Wednesday that it has won a contract to renovate a refinery in Iraq.
The deal between subsidiary JGC Corp. and the Iraqi government is worth about 400 billion yen, making it one of Japan's largest reconstruction aid programs for postwar Iraq.
The project will be financed with low-interest yen loans from the government-held Japan International Cooperation Agency, for completion in 2025.
Iraq is one of the world's biggest oil producers and the ninth-largest crude oil supplier to Japan.
Under the project, the gasoline and gas oil production capacity of the refinery in Basra, built in the 1970s, will be expanded to more than double the current amount.
[Copyright The Jiji Press, Ltd.]