Latest news with #SouthBasraIntegratedProject
Shafaq News
4 days ago
- Business
- Shafaq News
Iraq clinches major China oil deal as exports to Asia hold steady
Shafaq News/ Iraq secured the world's second-largest energy deal in May through an agreement with China, while crude exports to top Asian buyers remained broadly stable, official and industry data showed on Wednesday. The South Basra Integrated Project will raise output at the Tuba oil field from 20,000 to 100,000 barrels per day (bpd) and includes a 200,000-bpd refinery, a 620,000-ton petrochemical plant, a 520,000-ton fertilizer facility, and two power stations with a combined capacity of 1,050 megawatts. The deal follows recent high-profile investments, including a BP-led initiative to develop four oil fields in Kirkuk. In February, Iraq and Saudi Arabia led global crude deals, ranging from export contracts to asset acquisitions. Analysts view the streak of agreements as a bid to monetize energy assets and diversify Iraq's economy. Despite volatility in global markets, Iraq's crude shipments to Asia have also remained steady. Customs data showed China imported 1.11 million bpd in May, up 22,000 bpd from the same period last year. India followed with 931,000 bpd, down slightly from 959,000 bpd year-on-year.
Iraq Business
21-05-2025
- Business
- Iraq Business
Chinese Firm signs Contract for Integrated Energy Project
By John Lee. Iraq's Ministry of Oil has signed a major contract for the South Basra Integrated Project with a consortium comprising China's Geo-Jade Petroleum and Iraq's Crescent Basra (Hilal Al-Basra). The agreement, signed on Wednesday marks the Ministry's first adoption of a fully integrated project model. Oil Minister Hayan Abdul Ghani described the deal as a strategic leap in developing Iraq's oil wealth and supporting the national economy. The project includes: Increasing production at Al-Tubba [Tuba] field from 20,000 to 100,000 barrels per day (bpd). Constructing a high-specification refinery with a capacity of 200,000 bpd. Establishing a petrochemical plant with an annual capacity of 620,000 tonnes. Building a fertilizer plant producing 520,000 tonnes annually. Developing a thermal power plant generating 650 megawatts. Building a 400-megawatt solar power station. Surplus electricity from the project will be fed into the national grid, contributing to Iraq's energy mix and infrastructure enhancement. The Minister emphasised the project's role in economic diversification and job creation for thousands of Iraqi workers. The signing ceremony was attended by deputy ministers for distribution, extraction, gas, and refining, along with senior officials from relevant companies and departments, including: Bassem Mohamed Khudair, Deputy Minister for Extraction; Bassem Abdul Karim, Director General of Basra Oil Company (BOC); and Hassan Mohamed Hassan, Director General of the Iraqi Drilling Company (IDC). The companies signed a Heads of Agreement exactly one year ago. (Source: Ministry of Oil) Tags: Basra Oil Company (BOC), cg, Crescent Basra (Hilal al-Basra), featured, Geo-Jade Petroleum, Iraq Oil Production News, Iraqi Drilling Company (IDC), Petrochemicals, Refineries, renewable energy, solar power, South Basra Integrated Project, Subba, Tuba, WW
