The Government of Iraq has approved a license allowing an Indian firm for commencing a pipe construction project in the southern city is Basra province, the cabinet stated in a statement.
The statement also expressed that the Government’s National commission for Investment has come to an agreement about the deal of the Indian firm building the plan, estimated to cost $ 450 million.
This project is one of the biggest foreign investment projects in the southern Province of Basra, of which the city of Basra is the capital. Lately, Basra is coming out as a Mecca for the foreign investors.
There is at present a flurry of construction in Basra, with the foreign investors particularly from the oil-rich Gulf states reported to be spending billions of dollars.
The relative quiet in the province and the presence of chief oil companies developing some of the world’s largest oil fields is said to be amongst the reasons encouraging foreign entrepreneurs.
Currently, Basra is the largest oil producer of Iraq, with nearly 2.5 million barrels of the country’s estimated 3.2 million outputs, per day originating in its field.