Basra Council–the political authority for Iraq’s economic capital–has announced that it is in the process of establishing Basra Company, a regional development company charged with boosting the economy in the governorate, through the attraction of foreign direct investment in key sectors, including oil, gas and infrastructure, TradeArabia reported. Speaking at the Basra Oil, Gas and Infrastructure Conference, officials from Basra Council and Basra Governorate announced plans to develop underutilized and degraded oil and gas fields, as well as a range of new infrastructure projects. The conference marks the start of a round of international engagement for the council and the governorate as they look to promote opportunities in the region. Basra Governorate is home to 70% of Iraq’s proven gas reserves, estimated at almost 112 trillion cubic feet – the 12th largest in the world according to the US Energy Information Administration. Basra also contains 59% of Iraq’s oil reserves. However, the condition of many of the fields has suffered as a result of years of sanctions and war.
