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.