Huge budget allocated for agreements with Turkey and China in Iraq's 2027 draft budget

Iraq's 2027 general budget draft foresees a budget exceeding 15.8 trillion dinars for investments in the oil and gas sector, the Development Road Project, as well as agreements signed with Turkey and China.

Jamal Kochar, a member of the Finance Committee of the Iraqi Parliament, stated that some of the amounts determined in the budget are estimates and may be subject to change during the process. Within the scope of investment expenditures, it is planned to allocate 10 trillion dinars for oil and gas contracts, 4.2 trillion dinars for agreements with China, 123.7 billion dinars for agreements with Turkey, and 1.5 trillion dinars for the Development Road Project.

The 10 trillion dinar share allocated for the oil and gas sector covers exploration and production contracts signed with foreign companies to increase output. The Iraqi government aims to increase daily oil production to 7 million barrels by 2030. Furthermore, within the framework of the agreements signed on June 28, 2026, the 17 billion dollar Development Road Project, which will start from the Grand Faw Port in Basra and extend to Turkey, is targeted to be completed by 2050.