Latest news with #IndustryandMinerals
Iraqi News
2 days ago
- Business
- Iraqi News
Iraq's natural resource value surpasses $16 trillion
Baghdad ( – Iraq's underdeveloped mining industry is a critical component of the country's ambitions to diversify its economy away from oil, which accounts for over 90 percent of the government's revenue. The Prime Minister's financial advisor, Mazhar Salih, confirmed on Wednesday that Iraq is moving towards diversifying its GDP sources by increasing investment in the mining industry. In a statement to the state-run news agency (INA), Salih indicated that the value of Iraq's natural resources exceeds $16 trillion. Geological statistics suggest that Iraq has massive quantities of minerals such as sulfur, phosphate, rock salt, iron, and manganese, some of which are among the largest in the world. According to studies, Iraq has the world's largest reserves of sulfur and silica. The Iraqi government reached deals with major firms to explore natural resources as part of its effort to diversify national revenue and maximize the country's utilization of resources. The Iraqi Prime Minister, Mohammed Shia Al-Sudani, said in April that Iraq is currently the world's greatest producer of sulfur and the second-largest producer of phosphate. Last month, Iraqi Minister of Industry and Minerals Khalid Battal Al-Najm laid the foundation stone for new integrated phosphate fertilizer facilities in the western Iraqi province of Anbar. The move signals the rebirth of Iraq's most significant industrial institutions after years of stagnation and destruction caused by terrorism.
Shafaq News
14-05-2025
- Business
- Shafaq News
Iraq's industrial leap: Two major projects transforming Basra
Shafaq News/ Iraq launched two large-scale industrial initiatives in Basra on Wednesday, with the Minister of Industry and Minerals, Khaled Battal al-Najm, describing them as a turning point for national development and local job creation. Speaking at a press conference, al-Najm highlighted the country's largest chemical production complex at the General Company for Petrochemical Industries. The plant, set to be built using modern membrane cell technology, is designed to produce 120 tons of caustic soda, 106 tons of liquid chlorine, 185 tons of hydrochloric acid, and 150 tons of sodium hypochlorite daily. 'The facility will support key sectors such as oil, water treatment, and manufacturing, while generating new employment opportunities for residents of Basra,' he confirmed, stressing that the project addresses essential public needs, particularly in the sterilization of drinking water, and is part of a broader plan to replace outdated plants with high-efficiency alternatives. Separately, the minister launched the Green Mountain Industrial City—the first of its kind in Iraq—developed in partnership with China's Tsingshan Group and the General Company for Iron and Steel. The site will cover 2,000 dunams and host facilities focused on steel, construction materials, and related industries, with modern infrastructure tailored for long-term industrial growth. 'The city represents a shift toward integrated, sustainable manufacturing zones that will strengthen Iraq's economic base, expand production capacity, and offer specialized employment.' Since May 2023, the ministry has launched multiple investment packages, with more on the way. Al-Najm invited Iraqi and international companies to compete for new opportunities, reaffirming full support for private-sector participation—particularly in Basra, which he called 'Iraq's economic capital.'
Libya Observer
03-05-2025
- Business
- Libya Observer
Libya and Turkey review economic cooperation prospects
The Minister of Industry and Minerals, Ahmed Abu Haisa, discussed Thursday with Turkish Minister of Energy and Natural Resources Alparslan Bayraktar prospects for cooperation in the fields of energy, industry, and mining. This came during a meeting held on the sidelines of his participation in the Istanbul Natural Resources Summit, attended by a number of officials and specialists from both sides. The two sides emphasized the importance of strengthening the strategic partnership between the two countries and activating the signed agreements and memoranda of understanding, which will contribute to supporting sustainable development tracks. Economy Tagged: Minister of Industry and Minerals Turkey
Iraq Business
07-04-2025
- Business
- Iraq Business
Iraq Allocates First Industrial City Plots in Anbar, Dhi Qar
By John Lee. The Minister of Industry and Minerals, Professor Eng. Khaled Battal Al-Najm, has chaired the first 2025 Board of Directors meeting for the Industrial Cities Authority, reviewing major industrial development plans. Key Developments: The Minister handed over the first batch of industrial city plot contracts in Anbar and Dhi Qar to investors following approval from the Ministerial Council for Economy on rental exemptions and fees. The meeting also discussed the development of Khazer Industrial City in Ninewa, assessing the economic feasibility of the project and its investment potential. The Minister directed a review based on current market conditions. The Ministerial Council for Economy's recent decision includes: Two-year rental exemption during project setup. Fixed rental rate of IQD 250,000 per month per 0.5-donum plot from year three to year five. Post-year-five rent adjustment capped at 5%. The initiative is expected to boost local industry, attract investment, and create jobs. (Source: Ministry of Industry and Minerals)
Iraq Business
26-03-2025
- Business
- Iraq Business
Industry Minister Reviews Fertiliser Production in Basra
By John Lee. Iraq's Minister of Industry and Minerals, Khaled Battal Al-Najm, chaired a meeting with the General Company for Southern Fertilisers in Basra to review current partnership contracts and assess factory operations. The discussions focused on ensuring the continuous production of fertilisers to support the agricultural sector and enhance food security. The meeting covered updates on the Diammonium Phosphate (DAP) fertiliser plant contract, the performance of the urea production lines, and the status of other projects. Minister Al-Najm emphasised the need to resolve operational challenges to avoid disruptions in production. He directed a technical and economic review of production lines to ensure their feasibility and sustainability, while safeguarding the company's interests. Additionally, he instructed that revenues be allocated for essential maintenance to sustain production and meet national agricultural fertiliser needs. (Source: Ministry of Industry and Minerals)
