Iraq signs $500 million in contracts in July, with oil and gas projects leading the way.

Iraq recorded contracts worth a total of $500 million in the oil and gas sector during July, according to data reported by the specialized magazine MEED, making it one of the most prominent countries in the region that witnessed the awarding of new projects, at a time when the value of contracts awarded in the Middle East and North Africa region declined to $20.4 billion, compared to $26.2 billion in June. SubscribingTo News

The magazine explained that Iraq recorded two contracts with a total value of $500 million in the oil and gas sector, most notably a contract awarded to Al-Kout Towers Oil Services Company by Basra Gas Company, to implement the low-pressure gas investment project at the sixth gas compression station in the West Qurna-1 field.

At the regional level, the UAE topped the list of countries in terms of the value of contracts awarded during July, with a total of $10.9 billion, driven mainly by deals related to the gas cap and surface pressure enhancement project in the Umm Shaif field in Abu Dhabi, with a value of approximately $6.2 billion.

Egypt came in second with a total of $6.6 billion in contracts, while the value of contracts awarded in Saudi Arabia amounted to $1.9 billion, compared to $9.9 billion in June.

According to MEED, the transport and gas sectors accounted for the largest share of contracts signed in the region during the month, with a value of $6.7 billion and $6.5 billion respectively.

Recent Iraqi contracts indicate a continued focus on new investments in the energy sector, particularly associated gas investment projects, reflecting steps taken to increase the utilization of gas resources and reduce waste, in support of the country’s electricity supply.

Shafaq.com