USTDA Awards First Grant to Iraq to Support Refinery Rehabilitation
July 21, 2011
(USTDA)
BASRA, IRAQ – USTDA announced its support for the continued modernization of the
oil and gas sector in Iraq with a $502,798 grant to the South Refineries Company
for a feasibility study on the rehabilitation of its Basra refinery. This grant
marks a deepening relationship with Iraq to support its long-term economic
development by signing the first grant the agency has ever provided directly to
an Iraqi grantee.
"USTDA has been developing a relationship with the Iraqi public and private
sectors over the past several years, and we are excited to take this next
important step," stated USTDA Director Leocadia I. Zak. "The oil and gas sector
holds great potential for partnership with the United States, and serves as a
source of economic benefit for the people of Iraq."
The grant to the South Refineries Company is an example of the U.S. Government's
continued support for Iraq's economic development under the auspices of the
Strategic Framework Agreement. The Agreement, which is based on a mutual desire
for cooperation, includes a commitment to promote the development of the Iraqi
oil sector, including the rehabilitation of vital facilities.
To help facilitate South Refineries Company's major modernization of its Basra
refinery, the study will assess the current condition of the refinery and
outline the necessary engineering, equipment supply and construction efforts
required to substantially modernize the refinery's operation. This
rehabilitation will allow the country to realize greater economic benefit from
its oil reserves, while supporting the Iraq Ministry of Oil's goal to reach a
capacity of 12 million barrels per day production by 2020.
This grant complements past cooperation between USTDA and Iraq's oil and gas
sector. Previously, USTDA supported the Iraq Oil Training Program, which brought
together the U.S. public and private sectors to deliver the training to over 600
Iraqis on oil sector management and operations. Going forward, USTDA is
continuing to support Iraq's economic development through the organization of a
reverse trade mission that will bring Iraqi oil and gas sector representatives
to the U.S. to explore state-of-the-art U.S. technologies and services that can
assist Iraq to further increase its production capacity.
The feasibility study will be carried out by Louisiana-based Shaw Energy and
Chemicals, Inc.
For more information go to www.ustda.gov
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