On May 21, 2025, Iraq finalized a major agreement with a consortium led by China-based Geo-Jade Petroleum Corp and Basra Crescent to significantly increase production at the Tuba oilfield. This agreement underscores a strategic effort to enhance Iraq's oil resources and bolster its national economy.
The South Basra project aims to elevate the oilfield's output from 20,000 to 100,000 barrels per day. The project also involves constructing a 200,000-barrel capacity refinery, a petrochemical plant with a 620,000-tonne annual capacity, and a fertilizer plant producing 520,000 tonnes annually.
Geo-Jade Petroleum plans to invest approximately $848 million in the South Basra project. This includes developing a 650-megawatt thermal power plant and a 400-megawatt solar power station. Surplus electricity will be integrated into the national grid, improving Iraq's energy infrastructure and diversifying its energy sources.