KEPPT has engaged J.P. Morgan to arrange development financing for a landmark $1.6 billion urea plant in Basra, Iraq. The proposed plant will be the second operating facility of its kind in Iraq, with planned annual production capacity of 1.15 million tonnes, and is expected to reduce Iraq’s reliance on imported urea while supporting the agricultural sector. Construction is scheduled to begin in 2027, with operations expected to commence in 2030, and US engineering group KBR Inc. has conducted the front-end engineering design study. KEPPT, one of Iraq’s largest private investors, currently has more than 10 projects under development representing over $10 billion of investment in Iraq over the next five years. Chairman Sheikh Mahmood Barznji said the project can become a model for major private-sector-led investment in Iraq, while J.P. Morgan’s Laura Galvin noted it represents a significant opportunity to deliver long-term value through new domestic production capacity.
KBR IncKBR conducted the FEED study for the urea plant, indicating potential future engineering contracts.