Iraq signed a contract with an alliance that includes the Chinese Petroleum Petroleum and Hilal Basra to implement an integrated energy project aimed at increasing the production of the Iraqi oil -oil field from 20 thousand barrels per day to 100 thousand barrels.
Iraqi Oil Minister Hayyan Abdul -Ghani said that the South Basra project will also include building a refinery with a capacity of 200 thousand barrels, petrochemical factors and another for fertilizers, describing the project as a “qualitative boom in developing oil wealth and supporting the national economy.”
The project also includes the construction of two stations, the first is a thermal power plant with a capacity of 650 megawatts, and the second is a power station dependent on solar energy that produces 400 megawatts, according to a ministry statement.
For his part, Bassem Muhammad Khudair, Undersecretary for Extraction Affairs, said that “what has been achieved today is a major achievement for the oil industry,” adding that “the ministry has similar projects under discussion and discussion.”
As for the general manager of the Iraqi Drilling Company, Hassan Mohamed Hassan, he confirmed, “The project will raise the market value of the productive oil barrel.”
Gogaid Petroleum – Friday – reported that it intends to invest about $ 848 million in the integrated southern Basra project.
The Gogaid Petroleum Company won last year with a contract to develop the Mount Sanam oil field and the Zerbatiya oil and gas field in Iraq.
Iraq is the second largest oil producer in the OPEC Plus coalition, which includes the Organization of Petroleum Exporting Countries (OPEC), and other allies of them Russia.
(Tagstotranslate) Economy (T) Markets (T) Iraq (T) Arabic