# The Minister of Oil sponsors the signing of an agreement to develop the Tuba oil field project with a capacity of 200 thousand barrels per day

Economy

- 12-05-2024, 19:55
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Baghdad-INA
Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, sponsored today, Sunday, a ceremony for signing an agreement of principles (HOA) with a Chinese-Iraqi coalition to develop the integrated Tuba oil field development project, with a capacity of 200 thousand barrels per day and investment of 50 mqm of gas.
Abdul Ghani said in a statement received by the Iraqi News Agency (INA): that “The Ministry of Oil is proceeding with great steps to implement the decisions of the government program for integrated projects launched by Prime Minister Mohammad Shia Al-Sudani,” noting that “today the Ministry signed the Principles Agreement (HOA) with A coalition between the Chinese “Geo-Jade” and the Iraqi “Crescent Basra” companies to invest in the integrated Tuba field development project for producing crude oil with a capacity of 200,000 barrels per day and investing and processing gas with a capacity of 50 mqmq, in addition to that, establishing a refinery with a capacity of 200,000 barrels per day and establishing a petrochemical factory with a production capacity of 800 tons annually of polyethylene and polypropylene, in addition to a fertilizer factory and the establishment of two power stations.”
The minister pointed out that "the project is one of the integrated projects and will be a qualitative and quantitative addition to the national economy, as well as providing job opportunities for the people of the area near the field in Al-Zubair District, and the people of Basra Governorate."
The Director General of Basra Oil Company, who signed the principles agreement with the allied company, said, "The project will raise the company's oil production rates and gas investment and will secure clean electrical energy."
The company's assistant general manager, Hassan Mohammad, said, "The project will provide 1,200 megawatts of electrical energy through the two stations that will be established, one of which will operate on fuel energy to produce 800 megawatts, and the second will use solar energy and will provide 400 megawatts."

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