Fetching News Details
Baghdad (IraqiNews.com) – A signing ceremony took place for the preliminary principles agreement for the Al-Faw Investment Project and the Petrochemical Complex. The contract was signed by the Director General of South Refineries Company, Hussam Hussein Wali, on behalf of the Ministry of Oil, and Yu Fang Chunk, General Manager of Hualu Company, on behalf of the Chinese side. The agreement was signed in Baghdad, Iraq. The Al-Faw Investment Refinery Project is expected to bring in a capacity of 300,000 barrels per day. Ihsan Abdul-Jabbar Ismail, Minister of Oil, said that the mega project will improve the role of Iraq in the manufacturing and petrochemical industries and contribute to sustainable development, adding that the project value is between $7-8 billion dollars and could increase up to $29 billion dollars. According to the Ministry of Oil, Ismail emphasized that this contract is the largest in the Iraqi energy industry and will enhance the role of Iraq in this field.