oil and gas company, Petrojet, has been handed a $185 million contract to construct the very first gas-processing plant in Iraq’s Siba oilfield. The field is run by Kuwait Energy.

Mohammed Shemi, the Executive Director of Petrojet, revealed that his company has been tasked with handling all engineering, procurement and construction (EPC) projects for the plant. When completed, the oil field is expected to produce about 110m cubic feet per day.

Restoring a broken relationship

Although Iraqi-Egyptian relations were broken in 1990 after Egypt joined the UN coalition, diplomacy between both countries has steadily improved over the years. The last two years have also ushered in a new era of improved business relations. During this period, Petrojet has secured six major deals worth EGP3.6 billion ($472 million) in Iraq.

Meanwhile, Kuwait Energy chairman, Dr Manssour Aboukhamseen, believes the renewed partnership will denote “a three-way regional cooperation between Iraq, Kuwait and Egypt and promotes growth and long-term stability.”