By John Lee.
KAR Electrical Power Plant Production Trading FZE (KEPPT) has engaged JP Morgan to arrange development financing for a $1.6 billion urea plant in Basra.
According to a statement from KEPPT, the company will work with the bank to progress financing for the project in conjunction with several leading export credit agencies.
The plant will be the second operating facility of its kind in Iraq and is expected to reduce the country's reliance on imported urea, ease price pressures in the domestic market, and support the agricultural sector. Key details include:
- Planned annual production capacity of 1.15 million tonnes
- Construction scheduled to begin in 2027
- Operations expected to commence in 2030
US engineering group KBR has conducted the front-end engineering design study for the project.
In a statement, KEPPT, established in 2015, said it is one of Iraq's largest private investors, project developers and industrial operators. Led by CEO and Chairman Sheikh Mahmood Barznji, the company operates two major power plants in Basra and has more than 10 projects under development across the agri-industrial, energy, power generation, transportation, banking and healthcare sectors, representing more than $10 billion of investment in Iraq over the next five years.
(Source: KEPPT)
No comments yet.