Iraq has signed a major agreement for the South Basra Integrated Project. The Ministry of Oil partnered with China’s Geo-Jade Petroleum and Iraq’s Crescent Basra.
In addition, This marks Iraq’s first use of a fully integrated model. The project includes oil production, refining, petrochemicals, fertilizers, and power generation.
Oil Minister Hayan Abdul Ghani called the deal a major step forward. He said it would boost oil output and help Iraq’s economy grow.
Moreover, the South Basra Integrated Project will increase Al-Tubba field production from 20,000 to 100,000 barrels per day, a fivefold increase in output.
The project also includes a new oil refinery with a capacity of 200,000 barrels per day. This refinery will use advanced technology.
In addition, the South Basra Integrated Project, a petrochemical plant, will produce 620,000 tonnes of products yearly. These products will support Iraq’s growing industries.
A fertilizer plant will also be built. It will produce 520,000 tonnes of fertilizer per year to support agriculture.
Furthermore, The project includes two major power stations. A thermal power plant will generate 650 megawatts. A solar power station will generate 400 megawatts.
Any extra electricity will go into Iraq’s national grid. This will strengthen the country’s power supply and reduce blackouts.
The South Basra Integrated will help Iraq diversify its economy. It will also create thousands of jobs for local workers.
Notably, Officials at the signing ceremony included several deputy ministers and top company leaders. These included Bassem Mohamed Khudair from the extraction sector and Bassem Abdul Karim of the Basra Oil Company.
Hassan Mohamed Hassan, South Basra Integrated Project
head of the Iraqi Drilling Company, also attended the event. Many industry experts praised the agreement as historic.
Moreover, the project supports Iraq’s plans to modernize its oil and energy sectors. It combines traditional oil with clean solar power to improve sustainability.
This deal shows Iraq’s focus on energy security and economic reform. It strengthens foreign partnerships and improves local industries.
To conclude, the South Basra Integrated Project marks a bold step for Iraq’s energy future. It will fuel progress in oil, power, and employment.
