Global law firm DLA Piper has advised Basra International Oil & Gas Hub (BIOGH) on its joint venture with the Iraqi Free Zone Authority to create a specialised oil and gas free zone.
The project, which is the first of its kind in Iraq, will see the development of 11 million square meters of land at the port of Khor Al Zubair, near Basra, approximately six times the size of Dubai's Down Town development. It is expected to create around 15,000 jobs, 60 per cent of which will be for local Iraqis.
"The completion of this deal marks the beginning of an exciting stage in Iraq's development, and ensures the country is significantly closer to having a sustainable economy based on establishing an in-country supply chain for servicing the requirements of the oil and gas sector," said Abdul Aziz Al-Yaqout, regional managing partner, DLA Piper Middle East.
"As well as job creation, this deal will bring a stream of inward investment to Iraq. As the third-largest oil producer in the world, Iraq is a key market, and we hope this deal is the catalyst needed to further jump start the economy," he added.
DLA Piper was the exclusive in-country legal adviser. The team was led by Salem Chalabi, head of the Iraq desk at the firm.
Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.
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