Iraqi Prime Minister reopens key industrial plants in Basra

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March 10, 2024

Baghdad, March 10 (IANS) – Iraqi Prime Minister Mohammed Shia’ al-Sudani reopened three key plants in Basra, southern Iraq, following years of closure since the US-led invasion. In a statement on Saturday, al-Sudani’s office announced the reopening of a rolling mill plant, part of the State Company for Iron and Steel, which has been dormant since 2003. The plant boasts an annual production capacity of 500,000 tons, Xinhua news agency reported.

“Operating this factory will enable Iraq to reduce the import of iron, preserve foreign currency, and provide a national product and new job opportunities,” the statement quoted al-Sudani as saying. Additionally, al-Sudani’s media office said in a separate statement the reopening of a urea fertiliser plant with a daily production capacity of 1,000 tons and a DAP fertiliser plant with an annual capacity of 500,000 tons, both part of the Southern State Company for Fertilisers.

These plants, closed for years, were reopened following contracts with two foreign companies. Emphasising Basra’s pivotal role, al-Sudani added that the province has evolved beyond being just Iraq’s port and oil hub to becoming a key industrial centre, rightfully earning the title of Iraq’s economic capital, the statement said. The US-led invasion of Iraq in 2003 led to the closure of many Iraqi factories due to chaos, tensions, and an unstable security situation.

However, in recent years, the government has started to reopen some of these factories to lessen the economy’s dependence on crude oil exports, which make up more than 90 per cent of Iraq’s revenues. –IANS int/khz.

IANS, established in 1986, is India’s largest independent news service, offering 24×7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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