Japan’s overseas development agency JICA is bankrolling a key upgrade at the 210,000 b/d Basra refinery. The project will boost gasoline and diesel yields, but Baghdad will need gains elsewhere to meet soaring products demand.

The Japan International Cooperation Agency (JICA) this week signed a loan agreement with the Iraqi government to provide it with  110bn Japanese Yen ($1bn) loan to build a fluid catalytic cracking (FCC) complex along with several other units at the existing...