Japan has announced that it will offer Iraq two loans worth a total of US$1.24bn to help the country finance the construction of a new refinery and rebuild a port
Japan will initially lend US$869mn to build a refinery in Rumaila oilfield to extract natural gas liquids, Japanese daily Nikkei reported.
A second loan of US$412mn will be provided to rebuild the southern port of Khor Al-Zubair, the newspaper added.
Both loans will have a term of 40 years, industry sources said.
Japan, in 2008, had also offered a loan of US$526mn to the Middle East country to construct a crude oil pipeline.
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