Posted on June 5, 2023
The federal government of Iraq has allocated at least $417 million to build a third seaborne pipeline to increase crude exports, according to media reports.
The Basra Oil Company on Monday announced the project. The company has signed a contract with the
Royal Boskalis, a leading Dutch maritime construction company, to build the pipeline, which they say will be capable of exporting at least two million barrels of oil a day, Kurdistan 24 reported today, citing Iraqi News Agency.
This company’s revenues account for the bulk of Iraq’s federal budget, according to Basim Abdulkarim, the chief executive officer of the company.
“Our company has big strategic projects to develop the country’s economic infrastructure, investment, and export sectors,” Abdulkarim was quoted by Iraqi News Agency.
Iraq is heavily dependent on revenues from crude exports. This cabinet in Baghdad is trying to develop other sectors of the economy, including farming, agriculture, and tourism in order to diversify revenue sources.
