Iraq has awarded a $468.5 million (342.5-million-euro) contract to expand oil export facilities in the southern port city of Basra to Italian firm Saipem.
Government spokesman Ali al-Dabbagh stated, “The council of ministers has approved the awarding of a project to expand export infrastructure in the south to Italian company Saipem.” He said, Saipem is required to conclude the work on the project within two years following the signing of the contract.
It is to be noted that almost 80 percent of Iraq\'s oil exports are being transported through the country\'s southern ports. In order to increase production capacity, Baghdad has awarded many contracts to foreign energy firms and it is also in efforts for enhancing export related infrastructure.
Government spokesman Ali al-Dabbagh stated, “The council of ministers has approved the awarding of a project to expand export infrastructure in the south to Italian company Saipem.” He said, Saipem is required to conclude the work on the project within two years following the signing of the contract.
It is to be noted that almost 80 percent of Iraq\'s oil exports are being transported through the country\'s southern ports. In order to increase production capacity, Baghdad has awarded many contracts to foreign energy firms and it is also in efforts for enhancing export related infrastructure.