Page 89 - Industrial Plants

utilizes owned and operated assets.
Thanks to this commitment to owned and operated
assets, Japan’s leading engineering company, JGC
Corporation, approached CJ ICM for its Basrah
Refinery Upgrading Project. Although the economy
of Iraq is dominated by the oil sector, with the
country holding the fifth largest proven crude oil
reserves, its refinery capacity has been deteriorating
during the turbulent years of war and unrest, with
the country being unable to even meet domestic
demand for gasoline. The Basrah Refinery Upgrading
Project, totaling approximately 4 billion USD and
financed by a loan from the Japan International

“For the last 15 years CJ ICM, a
leading freight forwarding and
logistics provider, has continued to
invest heavily in assets, equipment,
terminals and other logistics facilities
in Iraq for handling industrial projects

Cooperation Agency, includes the construction of a
new fluid contact cracking unit, depressurization
distillation unit, as well as a light oil desulfurization
unit. The upgrade is destined to increase Iraq’s
production capacity of petroleum products, reduce
consequently the supply-demand gap and the
outflow of foreign currency, bring modern
international environmental standards to the country
and improve the refinery’s impact on the environment.
The project site itself is situated adjacent to the
existing Basrah refinery, approximately 550 km
Southeast of Baghdad. The project started in 2021
and is scheduled to end in 2025.

raq has suffered enormously from wars and
public unrest. However, increased political
stability since 2013 has helped greatly to
improve living conditions of Iraqi citizens.
Consequently, optimism is blowing through
Ithe country’s now thriving industries. This is
backed by a series of Government reforms and
public investments supported by international
donors and financial institutions that have opened
up a new era of opportunities, accelerating the
pace of economic diversification, sustainable
development and local job creation.
For the last 15 years CJ ICM, a leading freight
forwarding and logistics provider, has continued
to invest heavily in assets, equipment, terminals
and other logistics facilities in Iraq for handling
industrial projects. CJ ICM is now the largest local
integrated logistics operator in the region that

IndustrIal Plants - May 2024
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