Iraq signs oil export deal with Italy's MICOPERI to boost Basra capacity
Baghdad (IraqiNews.com) – Iraq has taken a major step toward enhancing its oil export infrastructure with a new agreement aimed at increasing crude shipments from the country's key southern terminals.
Under the direction of Iraqi Oil Minister Hayan Abdul-Ghani, Basra Oil Company has signed a deal with a consortium comprising Turkey's ESTA and Italy's MICOPERI to build Iraq's third offshore oil export pipeline.
The initiative is designed to improve the reliability and flexibility of Iraq's southern oil exports. According to the Ministry of Oil, the new pipeline will have the capacity to export 2.4 million barrels of crude per day, significantly strengthening the country's position in global energy markets.
The project includes the installation of a 48-inch pipeline extending 61 kilometers offshore and an additional 9 kilometers onshore. It will also involve the construction of two offshore platforms, a floating export buoy, and supporting systems for electrical power, communications, control, and cathodic protection.
Once completed, the upgraded infrastructure is expected to ensure smoother, more consistent export operations from Basra's ports — a vital hub for Iraq's oil industry.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
an hour ago
- Shafaq News
Gold prices fall in Baghdad and Erbil markets
Shafaq News/ On Wednesday, gold prices decreased in Baghdad and Erbil markets. A survey by Shafaq News Agency recorded a selling price of 665,000 IQD per mithqal (equivalent to five grams) for 21-carat gold on Baghdad's Al-Nahr Street, covering Gulf, Turkish, and European varieties, with a buying price of 661,000 IQD. The selling price for 21-carat Iraqi gold was 635,000 IQD, with a buying price of 631,000 IQD. The selling price per mithqal of 21-carat Gulf gold in jewelry stores ranged between 665,000 and 675,000 IQD, while Iraqi gold sold for between 635,000 and 645,000 IQD. In Erbil, 22-carat gold was sold at 695,000 IQD per mithqal, 21-carat gold at 663,000 IQD, and 18-carat gold at 568,000 IQD.
Iraqi News
10 hours ago
- Iraqi News
Iraq to showcase 141 pre-approved projects at first-ever national investment forum
Baghdad ( – Iraq's National Investment Commission (NIC) will present 141 fully pre-approved investment opportunities at the first-ever Iraq Investment Forum to be held in Baghdad, NIC Head Haider Makiya announced Tuesday (June 10, 2025). The event is being organized in coordination with the Iraqi Economic Council and under the direct supervision of the Prime Minister's Office. Makiya stated the forum has strategic goals to accelerate the country's economic development. The 141 ready-to-go opportunities will be presented to local, Arab, and foreign companies, covering diverse sectors including industry, housing, renewable energy, telecommunications, pharmaceuticals, and agriculture. The event aims to attract a large number of international firms for infrastructure projects and to bring global expertise to Iraq. Over 300 international entities, including countries and companies, are expected to attend, making it a historic opportunity to showcase Iraq's investment potential. This initiative aligns with the government's strategy to boost the economy and create jobs for Iraqis, as mandated by the Investment Law.
Iraqi News
10 hours ago
- Iraqi News
Iraq to launch 350M IQD guarantor-free loans for young entrepreneurs
Baghdad ( – Iraq's Ministry of Labour and Social Affairs is in the final stages of launching a major new loan program to provide up to 350 million Iraqi dinars to young entrepreneurs without the need for a guarantor, spokesperson Hassan Khawam announced recently. This groundbreaking initiative is a collaboration between the Ministry, the International Labour Organization (ILO), the German Development Bank (KfW), and the Iraqi Company for Guarantees. It aims to empower aspiring business owners, particularly those who cannot secure the traditional requirement of a government employee guarantor. Under the new program, the applicant's project itself will serve as the guarantee. To qualify, candidates must participate in an intensive, specialized training course lasting over a month. During this period, local, regional, and international experts will help them develop every aspect of their business plan, from technical specifics and site selection to customer relations. The loan is granted only after successfully completing this comprehensive development phase. Khawam stated this program significantly expands on the Ministry's existing efforts, which include a smaller loan program (offering 20-50 million IQD) and the Mahan digital platform launched in 2023 to connect job seekers with employers. This new guarantor-free loan initiative marks a strategic step towards fostering self-employment and stimulating Iraq's private sector.
