Iraq, China Sign $848 mn Energy Development Deal in South Basra

Sunday, 25th May 2025
by Fatma Ahmed

An Iraqi worker opens an oil pipeline at al-Shouayba refinery station in Basrah June11, 2003. OPEC on Wednesday agreed to hold the line on oil output and called another meeting in seven weeks time in case recovering Iraqi exports undermine high prices. REUTERS/ Jamal Said JS/CRB – RTRP5WO

Iraq has signed a contract with a consortium consisting of China-based Geo-Jade Petroleum Corporation and Basra Crescent to develop the Iraqi Tuba field and increase its production from 20,000 b/d to 100,000 barrels per day (b/d) , according to Reuters.

The project will also include establishing a refinery with a capacity of 200,000 barrels, a petrochemical plant and a fertiliser plant , the Iraqi Oil Minister Hayan Abdel-Ghani, told the news agency.

Geo-Jade Petroleum announced, on Friday, that it plans to invest about $848 million in the South Basra integrated project.The company has won a bid last year to develop the Jabal Sanam oil field and the Zurbatiya oil and gas field in Iraq.

Iraq is the second-largest producer within the OPEC+ group that includes the Organization of the Petroleum Exporting Countries and allies including Russia.

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Fatma Ahmed 2229 Posts

Fatma Ahmed is a staff writer with six years’ experience in Journalism. She is working in the field of oil and gas for four years. She also worked in the field of economic journalism for 2 years. Fatma has a Bachelor Degree in Mass Communication.