The Japan International Cooperation Agency (JICA) provided ¥32.7 billion (US$315 million) in loans to upgrade the Barash Refinery in Iraq. This loan is one-third of the tranche following the ¥42.4 billion (US$408 million) loan in October of 2012 and the ¥110 billion (US$1.0 billion) loan in June of 2019.
Although Iraq has the fifth-largest oil reserve worldwide, its domestic oil market depends heavily on other oil-producing countries. This project will upgrade the existing oil refinery and install a new Fluid Catalytic Cracking (FCC) Complex. The FCC complex will allow Iraq to meet international environmental standards and will contribute to the economic development of Iraq.