Chinese independent Geo-Jade and Iraqi firm Basra Crescent are to invest $1.2bn in increasing capacity at Iraq’s Tuba field from 20,000 b/d to 100,000 b/d according to Chinese media reports. Geo-Jade signed a 30-year binding contract on 21 May and will have a 67% stake alongside Basra Crescent (33%). The project is expansive, although it has been scaled down since initial proposals (MEES, 8 March 2024).
Geo-Jade will be paid a fixed per-barrel fee once initial phase capacity reaches 31,000 b/d. Post-tax revenues will then be used to build other elements of the project: 200,000 b/d refinery, 620,000 t/y petrochemicals plant, 520,000 t/y fertilizers plant and 1GW of combined gas and solar power capacity; 650MW and 400MW respectively. (CONTINUED - 114 WORDS)