Geo-Jade Petroleum Leads a New Era of China–Iraq Strategic Energy Cooperation
– South Basra Integrated Project Marks a Milestone in Iraq's Energy Industrialization

On May 21, 2025, Geo-Jade Petroleum Corporation, together with Basra Hilal Company, signed the contract for the South Basra Integrated Project with the Iraqi Ministry of Oil, under the witness of H.E. Hayan Abdul Ghani AL-Sawad, Deputy Prime Minister for Energy Affairs and Minister of Oil. This contract signifies a major step forward in Geo-Jade's oil and gas exploration and development in Iraq and will support Iraq's energy sector with an innovative, integrated approach.

This project marks the first time the Iraqi Ministry of Oil has adopted an “integrated project” model. As a key participant, Geo-Jade will leverage its professional expertise to take over operations of the Tuba Oil Field, while also spearheading downstream developments including refining and power generation facilities. Minister Hayan emphasized that the project is expected to generate significant fiscal returns for Iraq, support national economic growth, foster local enterprise development, and create employment for the Iraqi workforce.

The signing ceremony—held in the presence of senior officials from the Ministry of Oil—highlighted the importance and shared expectations of this collaboration between Geo-Jade, Basra Oil Company, and Basra Hilal.

According to Mr. Bassem Mohamed Khadir, spokesperson for upstream affairs at the Ministry of Oil, the contract represents a key component of Iraq's new strategic push for integrated projects. He underlined the project's anticipated economic impact, stating it would support local industries and employment while contributing to national development. Geo-Jade, as a strategic partner, is expected to play a vital role in this historic breakthrough for Iraq's petroleum industry.

Mr. Bassem Abdul Karim, another senior Iraqi official, attributed the contract's successful signing to the strong leadership of Deputy Prime Minister Hayan and the coordinated efforts of all involved ministries. He described the project as a transformational shift—from a “pastoral economy” to a “comprehensive economy”—in which Geo-Jade is expected to serve as a leading force, embodying the high efficiency and quality of a globally integrated energy company.

Mr. Hassan Mohamed Hassan, Director General of the Iraq Drilling Company, added that the project would significantly enhance the market value of crude oil. He noted that the project had undergone approximately two years of rigorous evaluation—from upstream resource development to downstream industrial planning—and is now entering its final implementation phase as one of the Ministry's flagship initiatives.

The South Basra Integrated Project is a vertically integrated upstream and downstream development secured by Geo-Jade in Iraq. The company is fully confident in this strategic collaboration and will adhere to a principle of mutual benefit and shared success. Geo-Jade is committed to actively contributing to the construction and operation of the project, unlocking new growth opportunities in Iraq's oil and gas sector, while supporting economic diversification and improving Iraq's global competitiveness.

The successful signing of this project marks a historic shift in Iraq's energy industry—from isolated resource extraction to full value-chain integration. It represents a strategic move by the Iraqi government to modernize its economic structure and industrial framework. Through an integrated upstream-downstream layout, the project will accelerate the in-depth utilization of Iraq's oil and gas resources, reinforce local industrial capacity, and inject new momentum into the country's drive for energy independence.

For China, this project underscores Geo-Jade's influential role in the global energy sector and serves as a benchmark case of a Chinese private enterprise engaging deeply in international energy governance. Its implementation sets a “win-win” standard for long-term Chinese business development in Iraq. Through technology transfer, localized operations, and industrial collaboration, the project not only strengthens mutual trust in China–Iraq economic relations but also paves the way for broader Chinese participation in Middle East energy transformation and infrastructure connectivity—enhancing China's presence and voice in the global high-end energy market.