Iraq allocates $417 million for new marine pipeline
A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq. photo: Reuters
Baghdad (IraqiNews.com) – In a step aimed at boosting oil exports, the Iraqi government allocated about $417 million to build a third offshore oil export pipeline, Sky News Arabia reported.
The Basra Oil Company (BOC) announced on Monday that strategic projects for infrastructure, production, and export will be carried out.
The Director of BOC, Bassem Abdul Karim, explained that the company provides more than 75 percent of the state’s budget, the Iraqi News Agency (INA) reported.
“In addition to foreign companies operating in Basra, other foreign companies will start operating in Basra through competitive tenders, Abdul Karim indicated.
The state-owned BOC signed a contract with Royal Boskalis, a Dutch dredging company providing services related to the construction and maintenance of maritime infrastructure internationally, to build a pipeline with a capacity of two million barrels per day.
During its last meeting, the Iraqi cabinet approved a $520 million solar energy plant project in cooperation with Power China, a Chinese company specializing in heavy and civil engineering construction.
The solar energy project will be carried out in southern Iraq and is expected to produce 750 megawatts.