Iraq signs another major integrated energy deal

BASRA - The Iraqi government signed a major new contract Wednesday with China's Geo-Jade Petroleum and the Iraqi company Hilal al-Basra for an $18 billion integrated project, including the upstream development of the Tuba oil field and the construction of an oil refinery, petrochemical and fertilizer plants, and two power plants.

The so-called South Basra Integrated Project (SBIP) is the latest deal for Iraq that seeks to leverage investor interest in upstream oil development to secure financing and technical capacity for projects serving the rest of the energy value chain, following the Oil Ministry's $26 billion deal with BP involving several Kirkuk fields and the $27 billion Gas Growth Integrated Project (GGIP) with TotalEnergies involving the Ratawi field.