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Faw Investment Project will Improve the Economy of Basrah

Source: 7/24/2018, Location: Middle East

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Mr. Jabbar Al-Luiebi the minister of oil confirmed on the keenness of Iraq to improve the refining sector and enforce its role… and Faw investment project is a significant step to achieve that.

Mr. Al-Luiebi said during his meeting with Mr. Lee Desihee the representative of the consortium of PetroChina and Norincona Chinese Companies, that the ministry of oil is working on to increase the investment projects in the refining sector to cover the local need and transform Iraq from an importer of the oil products to an exporter of them in order to achieve more outcome to the federal budget in addition to the crude oil exportation.

Mr. Al-Luiebi said also that the big Faw investment project is one of the big projects which will improve the economy of the governorate of Basrah and enable Iraq to export the oil products from Faw port, which is the first project of its kind in Iraq. The project will also provide jobs for the citizens of Basrah.

Mr. Desihee confirmed on the keenness of the consortium to execute the project according to the newest standards and technology with a capacity of (300) thousand barrels/ day. He also praised the cooperation of the ministry of oil to achieve the common aims and interests.

Mr. Al-Luiebi ordered the consortium of the Chinese companies and the concerned authorities of the ministry to speed-up the technical aspects of the project in order to sign the contract and initiate the project during the next period.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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