Insight Iraq

In-Depth News & Views

Iraq News

Iraqi-Chinese consortium to develop Tuba oil and gas field

Baghdad ( – The Iraqi Ministry of Oil signed on Sunday an initial agreement with an Iraqi-Chinese consortium to develop the Tuba oil and gas field in southern Iraq.

The project aims to produce crude oil with a capacity of 200 thousand barrels per day and gas with a capacity of 50 million cubic feet.

The Iraqi Minister of Oil, Hayan Abdul-Ghani, mentioned in a statement that the ministry signed the agreement with a consortium of Geo-Jade Petroleum, a Chinese oil exploration and production company, and Crescent Basra to develop the oil and gas field in Basra governorate, the Iraqi News Agency (INA) reported.

The project includes establishing a 200,000 barrel per day oil refinery, a petrochemical facility capable of producing 800 tons of polyethylene and polypropylene annually, a fertilizer factory, and two power plants.

According to Abdul-Ghani, the project is an integrated one that will boost the economy of the country and provide job opportunities for residents of Basra governorate and the Al-Zubair district.

The two power plants that will be built as part of the project will generate 1,200 megawatts of electrical energy; the first will run on fuel and generate 800 megawatts, while the second will run on solar energy and produce 400 megawatts.

The post Iraqi-Chinese consortium to develop Tuba oil and gas field appeared first on Iraqi News.