Saudi Arabia’s Ajyal Group is preparing to launch a major petrochemical complex in Iraq. This move follows recent talks between Iraqi Minister of Industry and Minerals Khalid Battal al-Najm and Ajyal Group officials. They met in Baghdad to finalize project plans.
Therefore, the upcoming petrochemical complex in Iraq will likely be located in Basra, a province in the country’s south. This region has long been central to Iraq’s oil and energy sector. The new complex will add industrial depth and diversify Iraq’s economy beyond crude exports.
Moreover, Minister al-Najm emphasized that this project fits within Iraq’s broader economic goals. He explained that the government wants to boost revenue through new industries. Therefore, building strategic facilities like this petrochemical complex in Iraq is a top priority.
Furthermore, Iraqi Prime Minister Mohammed Shia al-Sudani supports this strategy. He pointed out that attracting strong investment partners is essential. To achieve this, Iraq is focusing on reforms in banking, taxation, and finance. These steps aim to create an investor-friendly environment across the country.
Ajyal’s involvement brings more than just funding. The Saudi group is expected to share technical knowledge and industrial expertise. This partnership will help Iraq develop not only production facilities but also a skilled local workforce.
Therefore, the petrochemical complex in Iraq will play a key role in the country’s long-term plans. Iraq wants to grow its industries around petroleum derivatives, fertilizers, and advanced chemicals. Such industries will create jobs and provide stable income beyond traditional oil exports.
In addition, the location in Basra ensures access to ports and oil pipelines. This will allow for efficient transport of raw materials and finished products. It will also increase Iraq’s export capacity in the industrial sector.
Both governments agree that projects like this promote regional cooperation. Iraq and Saudi Arabia have been deepening their economic ties. This latest deal shows their shared interest in strengthening industrial development in the region.
Iraq is taking clear steps to build a stronger economy. It is investing in vital sectors and working with trusted international partners. With the support of Ajyal Group, the petrochemical complex in Iraq could mark a turning point in Iraq’s industrial growth.