Latest news with #HayanAbdelGhani
Reuters
23-05-2025
- Business
- Reuters
Iraq and China's Geo-Jade sign deal for Tuba oilfield expansion
May 23 (Reuters) - Iraq has signed a contract with a consortium consisting of China-based Geo-Jade Petroleum Corp and Basra Crescent to implement an integrated energy project aimed at ramping up Iraq's Tuba oilfield's production to 100,000 barrels per day from 20,000 barrels. The South Basra project will also include the construction of a refinery with a capacity of 200,000 barrels, a petrochemical plant and a fertilizer plant, Iraq Oil Minister Hayan Abdel-Ghani said, describing the project as a "leap" in developing the country's oil wealth. Geo-Jade Petroleum plans to invest about $848 million in the South Basra integrated project, the company said on Friday. Geo-Jade Petroleum 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.
Gulf Insider
23-05-2025
- Business
- Gulf Insider
Iraq Seals Major Oil Deal With Chinese Company
Iraq's government has signed a deal with Chinese Geo-Jade Petroleum to expand production at the Tuba oil field, build a refinery and two power plants. Per an AFP report, the deal will also involve the construction of a petrochemicals facility and a fertilizer plant. The refinery that Geo-Jade Petroleum will build will have a capacity of 200,000 barrels daily. One of the power plants will have a capacity of 650 MW and the other, a solar power facility, will have a capacity of 400 MW. 'These projects with Geo-Jade represent a big leap in the development of Iraq's oil wealth and supporting of the national economy,' Iraq's oil minister, Hayan Abdel Ghani, said, adding that the deal would create thousands of jobs. Geo-Jade Petroleum already operates in Iraq – it is in charge of the Khana field, which is slated to begin expanded production in 2026. Chinese companies as a whole have built a solid presence in OPC's number-two, driven by Beijing's strategy to expand supply availability through both domestic and international investments. To date, more than a third of Iraq's proven oil and gas reserves and as much as 66% of production are under the management of Chinese firms, Simon Watkins reported earlier this year. The Iraqi government's ambition to boost production significantly, to as much as 7 million bpd, Chinese companies are among the best placed to take advantage of the opportunity. Currently, Iraq produces around 4 million barrels daily—above its OPEC+ production quota, which has created tensions with OPEC's number-one, Saudi Arabia. Chinese companies' entry into Iraq's oil and gas sector is a result of an agreement inked back in 2019 and dubbed 'Oil for Reconstruction and Investment', under which Chinese companies are granted entry into Iraq's energy infrastructure sector as investors in return for oil supplies.
Business Recorder
22-05-2025
- Business
- Business Recorder
Iraq signs mega-energy deal with Chinese oil firm
BAGHDAD: Iraq signed a major energy deal Wednesday with a Chinese petrol company in the southern province of Basra, aiming to boost oil production and build a refinery and electricity plants. China has gained a major foothold in oil-rich Iraq in recent years, becoming a major player across various sectors and now one of the largest importers of Iraqi crude. Iraq's Oil Minister Hayan Abdel Ghani announced in a statement the signing of the mega-project with a consortium comprising of Geo-Jade Petroleum and the Iraqi company Hilal al-Basra. The project aims to increase oil production in the Tuba field to 100,000 barrels per day, according to Abdel Ghani. It also covers the building of a refinery with a capacity of 200,000 bpd, a 650-megawatt electricity plant and a solar power facility with a capacity of 400 megawatts. The deal also includes a petrochemical plant and a fertiliser factory. Abdel Ghani said the project 'would contribute to the country's economic development and provide job opportunities for thousands' of Iraqis.
Iraqi News
21-05-2025
- Business
- Iraqi News
Iraq inks major Basra oil deal with China's Geo-Jade
Basra – Iraq signed a major energy deal Wednesday with a Chinese petrol company in the southern province of Basra, aiming to boost oil production and build a refinery and electricity plants. China has gained a major foothold in oil-rich Iraq in recent years, becoming a major player across various sectors and now one of the largest importers of Iraqi crude. Iraq's Oil Minister Hayan Abdel Ghani announced in a statement the signing of the mega-project with a consortium comprising of Geo-Jade Petroleum and the Iraqi company Hilal al-Basra. The project aims to increase oil production in the Tuba field to 100,000 barrels per day, according to Abdel Ghani. It also covers the building of a refinery with a capacity of 200,000 bpd, a 650-megawatt electricity plant and a solar power facility with a capacity of 400 megawatts. The deal also includes a petrochemical plant and a fertiliser factory. Abdel Ghani said the project 'would contribute to the country's economic development and provide job opportunities for thousands' of Iraqis. The ministry has not disclosed the cost or timeline for the deal. Geo-Jade Petroleum already operates in Iraq and is set to begin a controversial oil exploration project in the country's south that activists fear will significantly impact the Mesopotamian Marshes of Huwaizah. According to the World Bank, Iraq has 145 billion barrels of proven oil reserves — among the largest in the world — amounting to 96 years' worth of production at the current rate. Iraq has been trying to move past decades of war and unrest, including a sectarian struggle after the 2003 US-led invasion that toppled Saddam Hussein. It only recently regained a semblance of stability and authorities hope to attract investments, especially in the energy sector. Earlier this year, Iraq finalised an agreement with energy giant BP to develop oil fields in the north. Last month, it signed a memorandum of understanding with US energy firm GE Vernova to produce 24,000 megawatts of electricity. Despite its oil wealth, Iraq depends on imports to meet its energy needs, and it hopes to increase natural gas production to reduce its reliance on neighbouring Iran, a crucial supplier of power.
Zawya
21-05-2025
- Business
- Zawya
China's Geo-Jade wins major oil, power deal in Iraq
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) (
