Japan to lend $1.24bn to Iraq for port, refinery, says Nikkei

Japan offered Iraq a loan worth $1.24bn to build a refinery in Rumaila oil field (pictured), and to rebuild a southern port. (File photo: Reuters)

Japan has offered its largest-ever loan to Iraq of about 120 billion yen ($1.24bn) to build a new refinery and rebuild a port, the Nikkei said.

Japan will initially lend 82.7bn yen to build a refinery to extract natural gas liquids in southern Iraq’s Rumaila oil field, the Japanese daily said.

A second loan of 39.2bn yen will be provided to rebuild the southern port of Khor Al-Zubair, the newspaper reported.
Both loans will have a term of 40 years, the Nikkei said.

JGC Corp and Chiyoda Corp are expected to bid for the Rumaila refinery project, while Toyota Tsusho, Toyo Construction and Toa Corporation are expected to bid for the Khor Al-Zubair rebuilding project, the newspaper said.

Japan in 2008 offered a loan of 50.05bn yen to Iraq to construct a crude oil pipeline, the business daily reported.

Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40