Iraq partners with China’s Geo-Jade Petroleum in an $848 million agreement to expand the Tuba oilfield and construct major energy facilities in South Basra.
Iraq has entered into a significant $848 million agreement with China-based Geo-Jade Petroleum Corporation and local partner Basra Crescent to develop an integrated energy project in the South Basra region.
The initiative focuses on expanding the Tuba oilfield’s production capacity from 20,000 to 100,000 barrels per day.
The comprehensive project encompasses the construction of a 200,000-barrel-per-day refinery, a petrochemical plant, and a fertilizer facility.
Iraq’s Oil Minister, Hayan Abdel-Ghani, described the venture as a “leap” in harnessing the country’s oil wealth.
Geo-Jade Petroleum has previously secured contracts to develop Iraq’s Jabal Sanam and Zurbatiya oil and gas fields, reinforcing its growing presence in the region.
Iraq remains a key player in the global oil market as the second-largest producer in the OPEC+ alliance.
