The Government of Iraq has allocated USD 417 million for the construction of a third offshore oil export pipeline. The tenders are being invited from both domestic and international companies.
May 31, 2023
The Government of Iraq has allocated USD 417 million for the construction of a third offshore oil export pipeline.
The Basra Oil Company (BOC) recently announced that strategic projects for infrastructure, production, and exports shall be carried out in this regard. Mr. Bassem Abdul Karim, the Director of BOC, stated “In addition to foreign companies operating in Basra, other foreign companies will start operating in Basra through competitive tenders.”
BOC is a state-owned company that contributes to over 75 percent of the state’s budget. BOC recently signed a contract with a Dutch-dredging company, Royal Boskalis, to construct a pipeline with a daily transportation capacity of 2 million barrels.
Recently, Iraq’s cabinet also allocated USD 520 million for the construction of a 750 MW solar power plant project. The project shall be constructed in Southern Iraq, in cooperation with Power China, a China-based company specializing in heavy and civil engineering construction.