Iraq ended 2021 with a statement of intent regarding its downstream expansion plans. Despite years of pledges, progress has been achingly slow, but on 30 December state-owned South Refineries (SRC) signed a heads of agreement (HoA) with Chinese state firm Hualu Engineering & Technology to develop an “investment” refinery and petrochemicals complex at Faw.
Under the $7-8bn first phase, Hualu, a subsidiary of China National Chemical Engineering Corporation (CNCEC), will build a 300,000 b/d refinery at Iraq’s southern tip, while the second phase will consist of a 3mn t/y integrated petrochemicals facility. (CONTINUED - 973 WORDS)
