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Iraq on Wednesday signed a major contract with China’s Geo-Jade company to develop an oilfield and build a large refinery, a petrochemical complex and power complex.
Oil Minister Hayan Abdel Ghani signed the deal with the Chinese company and its project partner Hilal Al Basra (Crescent Basra).
The official Iraqi News Agency said the projects are based in the Southern oil hub of Basra.
“These projects with Geo-Jade represent a big leap in the development of Iraq’s oil wealth and supporting of the national economy,” Abdel Ghani said.
The contract includes the development of Tuba oilfield in Basra to expand its output to 200,000 barrels per day (bpd), as well as the construction of an oil refinery with a capacity of 200,000 bpd, a petrochemical plant with a production capacity of 620,000 tonnes per year, a 520,000 tonne fertilisers plant and two power stations, including a 400 megawatts (MW) solar power plant and a 650 MW gas-fuelled power plant.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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