Japanese engineering company JGC Holdings Corp. said Wednesday that it has won a contract to renovate a refinery in Iraq.
The deal between subsidiary JGC Corp. and the Iraqi government is worth about ¥400 billion, making it one of Japan’s largest reconstruction aid programs for postwar Iraq.
The project will be financed with low-interest yen loans from the government-held Japan International Cooperation Agency, for completion in 2025.
Iraq is one of the world’s biggest oil producers and the ninth-largest crude oil supplier to Japan.
Under the project, the gasoline and gas oil production capacity of the refinery in Basra, built in the 1970s, will be expanded to more than double the current amount.
Some 7,000 local residents will be employed for the project. In addition, the refinery is expected to hire 2,000 people after the renovation.