Danish company Phoenix International has signed a contract with the local Investment Authority in Basra to implement a project for the production of oil pipelines worth $86m (99.9bn IQD).
Basra's Investment Authority said in a statement that Phoenix was granted the project license for a ​​250-acre area in the town of Umm Qasr, south of Iraq.

The investment duration will be 35 years, which is subject to renewal.

The company aims to produce three types of tubes for a variety of uses onshore and offshore for oil, gas and water.