A Chinese firm will construct a 300,000-barrel-per-day oil refinery, two petrochemical plants, and a 2,000-megawatt power plant in South Iraq, with an estimated total cost of nearly $20 billion, an official has announced.
OPEC’s second-largest producer has awarded these projects in Faw Port to the China National Chemical Engineering Company (CNCEC) on an investment basis, according to an Oil Ministry official cited by Aliqtisad News network.
The Iraqi government will hold a 20 percent stake in these projects, which include approximately $8 billion allocated for the refinery, the official, who wished to remain anonymous, revealed.
Iraqi officials noted last week that the petrochemical complex will have a production capacity of nearly three million tonnes per year.