Iraq Signed Four Decade Contract With a Global Company

Iraq NewsIraqi Dinar 123 News:– Iraq signed four contracts with UAE company “SK any Energy Hanks”. Billions of Iraqi dinars will be spent on these contracts.  The operational area of company will be the free zone of Zubair in Basra Province. The operational area is 20,000 square meters in the first phase and 1600 square meter in the second phase. The contact is awarded to develop the Zubair oil fields with the duration of 40 years in the country.

Iraq is so keen and serious about development of oil projects so that it may withdraw its economy from crisis. For this purpose, new contracts of oil and gas are being signed with different global companies of the world for development of existing oil fields and for the search of new oil wells in the country. Iraq wants to enhance its oil production 7.6 million barrels per day by 2017. Iraq wants to be par with Saudi Arabia in near future that’s why Iraq designed five years economic policy especially to increase the overall production of crude oil. The recent oil production of Iraq is 3.25 million barrels that was 2.6 million barrels per day last year. It shows that Iraq’s economic policy is going towards right direction.

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