Japan to Lend $1.2bn to Iraq for Port, Refinery

By John Lee.

Japan has offered a loans of about 120 billion yen ($1.24 billion) to Iraq to build a new refinery and rebuild a port.

Nikkei reports that Japan will initially lend 82.7 billion yen to build a refinery to extract natural gas liquids at the Rumaila oil field, while a second loan of 39.2 billion yen will be used to rebuild the port of Khor Al-Zubair.

Both loans will have a term of 40 years.

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

(Source: Nikkei, Reuters)