The chairman of the South Oil Company (SOC), Mr. Dhiaa Al- Mousawi, visited Basra Investment Commission (BIC) last week and met its new chairman Mr. Khalaf Al- Badran.
They discussed the possible means of creating joint cooperation in order to reactivate the investment opportunities in a step to develop investment in Basra.
The chairman of BIC stressed the importance of joint cooperation with all the relevant directorates to support investment and attract more foreign and local capitals.
He also confirmed the need for new legislation authorizing Basra to use the lands that belong to the Ministry of Oil. He said that most of the empty lands in Basra belong to the ministry of oil, a matter that hinders investment process in Basra. He also asked SOC to provide BIC with maps identifying their lands.
The chairman of SOC confirmed their readiness to cooperate with BIC in order to facilitate the process of obtaining approvals and to attract more foreign investors. He also revealed that some international investment companies intend to invest in Basra in the oil and industrial sectors in an investment cost of 5 billion dollars.