Japan’s JGC, the lead EPC contractor for a 55,000 b/d Fluid Catalytic Cracking (FCC) complex at the 210,000 b/d Basra Refinery (MEES, 16 April 2021), is bullish on the project. In a 10 February earnings call, the company says “detailed design has begun, orders for major equipment are almost complete, and construction site development work is progressing smoothly.” The Japanese firm does not expect rising equipment prices to impact the project but “continues to monitor the situation closely,” adding that “purchase of bulk material will begin” after finishing “detailed engineering work.” The Japanese government extended a low-interest ¥32.7 billion ($300 million) loan to Iraq last year which constitutes the third tranche of $1bn in Japanese financing for the $4bn Basra Refinery upgrade (MEES, 27 August 2021).
Meanwhile, the Iraqi government awarded a single-source “fast FEED” contract to Honeywell UOP on 8 February to expand the 16,000 b/d Haditha refinery in the north. No contract value or timelines were announced. (CONTINUED - 235 WORDS)