\n 2026-05-11T08:13:53+00:00<\/p>\n
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Shafaq News- Baghdad<\/p>\n
A consortium including Egypt\u2019s Nasr General
\nContracting Company, a subsidiary of Hassan Allam Holding, and China\u2019s EBS has
\nlaunched a $71 million residential and logistics complex project for Iraq\u2019s
\nMidland Oil Company aimed at strengthening the country\u2019s energy infrastructure.<\/p>\n
During a foundation stone-laying ceremony, Ahmed
\nAl-Mahmoudy, CEO and managing director of Nasr General Contracting, indicated
\nthat the company\u2019s operations in Iraq reached around $123 million over the past
\nyear, including bridge rehabilitation projects in Mosul and road and
\nintersection development works in Baghdad. Discussions continue over additional
\ninfrastructure and transport projects linked to the oil sector, he added.<\/p>\n
The project comes as Iraq seeks to expand oil
\nproduction capacity amid intensifying competition in global energy markets.
\nData published by S&P Global Energy in January 2026 indicated that Iraq is
\nexpected to bring one of the world\u2019s largest new oil field developments online
\nthis year, adding substantial crude supplies to markets increasingly shaped by
\nproduction growth outside the OPEC+ alliance.<\/p>\n
Oil remains the backbone of Iraq\u2019s economy, generating
\nmore than 90% of government revenue. As the second-largest producer in OPEC+,
\nIraq pumps around 4.4 million barrels per day.<\/p>\n
Earlier this year, the Iraqi Drilling Company
\nannounced the drilling and rehabilitation of 237 oil wells nationwide in 2025, stressing
\nBaghdad\u2019s focus on expanding upstream capacity despite repeated calls for
\nbroader economic diversification.<\/p>\n