Jan 24 2013
By Zeena Sami
Azzaman, January 24, 2013
The government has approved a license allowing an Indian firm to start a pipe construction project in the southern city of Basra, the cabinet said in a statement.
The statement said the government’s National Commission for Investment has agreed for the Indian firm to build the plant, estimated to cost $450 million.
It is one of the biggest foreign investment projects in the southern Province of Basra, of which the city of Basra is the capital. Basra is emerging as a mecca for foreign investors.
There is currently a flurry of construction in Basra, with 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 oil majors developing some of the world’s largest oil fields is said to be among the reasons encouraging foreign entrepreneurs.
Basra is at present Iraq’s largest oil producer, with nearly 2.5 million barrels of the country’s estimated 3.2 million output per day originating in its field.
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