On September 3, 2021, CITIC Construction successfully signed the EPC general contract for the Kirkuk oil refinery in Iraq. Chen Xiaojia, Chairman of CITIC Construction, and Jalal Haji Ahmed, Chairman of Iraqi Rania International, signed the contract in Beijing and Dubai respectively via video link.
After the Maisan combined cycle power plant in Iraq, the successful signing of the contract marks another major breakthrough for CITIC Construction in Iraq, an emerging market. Located in Kirkuk Province, Iraq, the Kirkuk refinery can process 75,000 barrels of crude oil per day (with an annual capacity of about 3.5 million tons of crude oil). The products are gasoline, diesel, aviation kerosene, fuel oil, LPG, and road asphalt. The EPC contract amount is $905 million and the construction lasts 46 months. As the EPC general contractor of the project, CITIC Construction will be responsible for the project design, procurement, construction, and commissioning, and it will also help the owner in financing. When completed, the project will be an important support for Iraq's war-torn refining industry, contributing to the country's self-sufficiency in refined oil products and foreign exchange earnings from exports.
Yang Jianqiang, Deputy President of CITIC Construction, Yang Feng, Chief Financial Officer of CITIC Construction, and relevant leaders of the Planning and Finance Department and the Middle East Division of CITIC Construction attended the activities.