By John Lee.
Japan's JGC Corporation has said it expects its Iraqi oil refinery project to significantly increase its sales for the fiscal year starting 1st April 2022.
Prime Minister Mustafa Al-Kadhimi laid the foundation stone for the new $4-billion Fluid Catalytic Cracking (FCC) complex at Basra Refinery in April 2021. The project will increase the refinery's capacity by 55,000 barrels per day (bpd).
The company said that detailed design has begun, orders for major equipment are almost complete, and construction site development work is progressing smoothly.
Regarding recent sharp increases in equipment prices, it said that purchase of bulk materials will begin after detailed engineering work is started; while it will continue to
monitor the situation closely, it assumes no significant impact.
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