Japan will lend $2.1 Billion to Enhance Oil Capacity in Basra

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Japanese media reports break the news to lend Iraq a loan of 2.1 billion dollars to enhance the oil production in the Basra oil fields. The head of Basra oil refinery confirmed the news broke in the Japanese media for the loan and considered it as the political efforts made by Iraq to enhance its oil production for the world.

The funds will be utilized to rehabilitate the oil refinery of Basra that is facing administrational and financial issues for its rehabilitation. This is a soft loan that will be repaid in forty years from now with 2% interest rate. Number of oil projects in Basra is pending or shut down due to lack of funds.

The immediate aid in the form of this soft loan is just like a life blood for Basra oil refinery that was about to die in next few years. According to the Ali Shadad, the loan will fuel the project waiting for funds to be completed. The projects that will start in next few days will be completed in 2020. These projects will enhance the capacity of Basra oil refinery to produce 20000 barrels oil per day. All efforts of Iraq to enhance oil production are going towards right direction.

Dollars

The world is cooperating with the country to fuel up its projects and wanted to see it again in the business horizons. Iraq is trying to enhance it’s per day oil production up to 7 million barrels per day in the international market to defeat its biggest competitors Saudi Arabia. The task is much difficult but not impossible if Iraq continued working with the same pace. Iraq is working so hard to achieve it’s per year targets. It is applying its full energy to get desired results.

The central bank of Iraq is having meetings with the foreign investors in Dubai and in many other countries to make direct investment in the country. It is very first time that the central bank of Iraq opened its branch in Dubai to attract foreign investors towards its country. Some special investment packages are offered to the foreign investors to open their business in different cities of Iraq.

It is also inviting major international banks to open their branches in Baghdad and some other safe cities of the country. It also provided a financial guarantee to the international Banka and financial institutions. In the case of any bank robbery or threats from ISIS, the central bank of Iraq will bear the loss if any. It also ensured the fool proof security to the financial institutions if they open their branches in the Baghdad and some other cities of Iraq.

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