Iraq Signs Contract to Construct Offshore Crude Export Pipeline With 2.4 Million Bpd Capacity

Iraqi Oil Minister Hayyan Abdul Ghani witnesses the signing of a deal to establish a subsea oil pipeline for exports via its southern ports (INA) 
Iraqi Oil Minister Hayyan Abdul Ghani witnesses the signing of a deal to establish a subsea oil pipeline for exports via its southern ports (INA) 
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Iraq Signs Contract to Construct Offshore Crude Export Pipeline With 2.4 Million Bpd Capacity

Iraqi Oil Minister Hayyan Abdul Ghani witnesses the signing of a deal to establish a subsea oil pipeline for exports via its southern ports (INA) 
Iraqi Oil Minister Hayyan Abdul Ghani witnesses the signing of a deal to establish a subsea oil pipeline for exports via its southern ports (INA) 

The Iraqi Oil Ministry said on Sunday that Baghdad has signed a deal to establish a subsea oil pipeline for exports via its southern ports.

The project is in cooperation with Italian offshore contractor Micoperi and Türkiye’s Esta for a pipeline with capacity of 2.4 million barrels per day (bpd), the ministry said without providing further detail on the destination of the exports.

“The state-owned Basra Oil Company signed a contract on Sunday to implement the third offshore export pipeline project with a consortium of the Italian company MICOPERI and the Turkish company ESTA, with a design capacity estimated at 2.4 million barrels per day,” said the Iraqi news agency quoting a statement by the Ministry.

The statement said it is “an important strategic project and is part of the government's program. It aims to ensure flexibility and stability for crude oil export operations from the southern ports”.

The Ministry also explained that the project’s flexibility lies in the ability to export crude oil from three ports: Basra Port, Khor al-Amaya Port, and the floating platform.

 

 

 

 



Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)
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Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)

The Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones (GAFI) on Monday held the Saudi-Egyptian Business Forum in Cairo with officials from both countries and 300 Saudi and Egyptian companies to explore prospects for partnership and economic cooperation.

The forum highlighted investment opportunities and incentives in Saudi Arabia and Egypt, as well as the business environment and prospects for partnership in industry, real estate development, tourism and economic zones and free zones, the Saudi Press Agency said on Tuesday.

Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation.

He emphasized that Saudi Arabia will remain a leading investment partner for Egypt, noting that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries reached SAR60 billion in 2024, marking a 29 percent increase.

GAFI CEO Hossam Heiba emphasized that the Egyptian government is committed to providing an attractive investment environment by continuing to achieve breakthroughs in infrastructure and implementing a series of incentive measures in fiscal, monetary and investment policies.

He also highlighted support for growing incoming investments, particularly Saudi investments, which are a cornerstone of sustainable development in Egypt, noting that a special unit for Saudi investments has been established.

The representative of the Saudi Ministry of Investment Hamad Al-Rasheed reviewed the Kingdom’s efforts to stimulate investment by establishing special economic zones focused on cloud computing, logistics, automotive production, shipbuilding, food, mining and pharmaceuticals.

He also highlighted the launch of the national initiative for global supply chains, aimed at attracting strategic supply chains to the Kingdom and securing regional and global market share in key sectors alongside the Kingdom’s efforts to simplify and digitize procedures.