Iraq’s Prime Minister on Wednesday attended the contract signing ceremony of the Al-Faw Oil Refinery Project, a key project within the scope of the Grand Faw Port initiative.

The contract, signed between the Ministry of Oil/South Refineries Company and the Chinese company China National Chemical Engineering (CNCEC), underscores the government's commitment to boosting oil refining capacities, attracting foreign investments, and meeting domestic petroleum product demands.

“The Al-Faw Integrated Oil Refinery Project is a pivotal economic endeavor for our nation, bolstering Iraq's refining and petrochemical industries,” said PM Mohammed Shia’ al-Sudani, emphasizing the project's significance.

He urged the Chinese company to expedite project implementation and directed Iraqi authorities to extend full support to the executing company.

The oil refinery, with a capacity of 300,000 barrels per day, will adhere to global environmental standards and employ modern technology for local consumption and export purposes.

The project comprises two phases: refining operations in the first phase and the construction of a petrochemical complex with a capacity of 3 million tons per year and a 2000 MW power plant in the second phase.

Additionally, the project includes the establishment of the Al-Faw Oil Refinery Technology Academy, aimed at training 5,000 Iraqi personnel for future refinery management.

“The project will present ample opportunities for local industries, job creation for youth and graduates, and social development in the project's surrounding areas,” stated the Prime Minister's Media Office.

“These initiatives encompass housing units, medical services, technical training centers, and sports and social facilities,” the statement added.

Sudani kicked off the competitive bidding process on Saturday for global companies competing for contracts in oil and gas exploration across 12 provinces in Iraq.

In his remarks, Sudani emphasized Iraq's pivotal role in the energy landscape and vowed to halt associated gas flaring within 5 years in addition to the Iraqi government's commitment to investing in Iraq's energy wealth, underscoring the country’s dedication to environmental sustainability and resource optimization.

The Grand Faw Port, situated on Iraq's maritime frontage along the Gulf, serves as a cornerstone of the country's strategic infrastructure, facilitating the handling of increased international trade volumes.

As one of the world's largest ports, it enhances Iraq's regional and international geopolitical standing while offering unparalleled access to the sea for the nation's future growth and development.

Aligned with this vision is the Iraq Development Road project, an initiative aimed at establishing vital connections between Asia and Europe. By integrating railways, roads, ports, and cities, this ambitious endeavor seeks to forge a seamless link from the Grand Faw Port in southern Iraq to the Turkish border and beyond, extending into Europe.