Iraq takes a bold step in industrial development with the proposed Basra petrochemical project, aiming to boost its national industry.
Minister of Industry and Minerals, Khaled Battal Al-Najm, led a key meeting in Baghdad to explore a potential partnership with Saudi company Ajyal. The focus is the construction of a large petrochemical complex in Basra Province.
The project site will be the current location of the State Company for Petrochemical Industries. If approved, this initiative could become a turning point in Iraq’s industrial revival.
During the meeting, both sides reviewed the proposed terms of the agreement. They examined energy supply options including natural gas, liquefied petroleum gas (LPG), and other alternatives. The project’s legal and technical aspects were also thoroughly evaluated to ensure feasibility and smooth execution.
The Basra petrochemical project is more than a factory—it represents a vision for strategic industrial renewal. Minister Al-Najm stressed its value as a national priority. He described it as one of Iraq’s most promising industrial projects, aiming to rebuild the industrial base and reduce reliance on imported materials.
Iraq continues to seek partnerships that offer technology, investment, and long-term cooperation. The potential deal with Ajyal could offer exactly that. It also reflects growing ties between Iraq and Saudi Arabia in the economic and energy sectors.
To keep momentum, Minister Al-Najm instructed all relevant departments to continue negotiations. He emphasized strong coordination with government and energy partners to meet all technical and regulatory needs.
Basra, rich in oil and gas, is a strategic location for such a project. Its access to raw materials and transport links make it ideal for hosting a large-scale industrial complex.
The new complex would help convert Iraq’s energy resources into finished products. This would raise the value of national exports and create new jobs in both technical and operational roles.
The Basra petrochemical project also supports Iraq’s broader economic goals. By investing in manufacturing, the country moves closer to diversifying its economy. It will no longer depend solely on crude oil exports.
If negotiations succeed, the project could attract more foreign interest in Iraq’s industrial sector. It shows that Iraq is serious about modernising production and welcoming private investment.
Through partnerships like this, Iraq aims to rebuild its industries, empower local talent, and strengthen economic independence.