Iraq has decided to extend a contract to upgrade its Southern Basra oil refinery, one of several refinery development projects in the OPEC member.

The cabinet decided on the extension of the contract for France’s Technip and Japan’s Unico at its meeting in Baghdad on Tuesday.

A statement by the Iraqi Prime Minister’s office said the cabinet also decided to increase funds for the contract but it did not provide other details.

“The cabinet decided at its meeting to increase funds for the project and to extend the consultancy contract for the Basra refinery upgrade project which is being undertaken by Technip and UNICO,” the statement said.

Iraq awarded the Basra refinery expansion contract to the two companies in 2015 following an agreement with the Japan International Cooperation Agency (JICA) to fund the project.

Officials said last month the project is on track for completion in 2025 and Tuesday’s statement did not say how long the contract would be extended.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.