Salem Chalabi, Head of the Iraq Desk, added:
“This deal is significant both in terms of scale and scope, developing what is a massive site in Southern Iraq and encouraging the growth of the Iraqi economy. Not only will it create inward investment opportunities, it will bring jobs to Iraqis and stimulate demand for oil services businesses. Iraq is an important market for the firm and we anticipate further deals of this kind in the future.“
In a joint statement, John Moore and Tom O’Donnell, Directors of Basra International Oil and Gas Hub, added:
“This deal represents a significant leap forward for Iraq’s oil and gas supply chain sector and we expect it to result in a huge influx of inward investment from international manufacturers, stockists and service providers to the oil and gas industry majors. DLA Piper demonstrated expert knowledge not just of the complexities of the transaction, but also of the local market conditions in Iraq, with a deft hand in guiding the negotiations, together with a grasp of Iraqi law. The firm acted as a trusted adviser throughout the process and completed the joint venture agreement within a relatively short space of time.“
Structured under the Iraqi Free Zones Law of 1998, the deal was completed within a two-year period.
DLA Piper was the exclusive in-country legal adviser, with a team led by Salem Chalabi, Head of the Iraq Desk, DLA Piper Middle East.