Specifically, the first phase of the project includes detailed studies for the construction of the terminal within one year. Following, the next phase that is planned to last for two years, sees the implementation of the work planned.

The project will enable Iraq add more than 6 million barrels per day storage capacity, in addition to the export capacity of 3 million barrels that the country is exporting daily now. The government highlighted that this deal is a vital project for Iraq's economy.

GET THE SAFETY4SEA IN YOUR INBOX!

Moreover, through the project Iraq will have a better flexibility on its exports and loading oil tankers. The project also includes 4 loading berths, a breakwater berth and two offshore pipelines.

The current affairs see Iraq tangled in disputes and attacks, as in the late attack of drones against Saudi Arabian oil facilities CNN reported that there were initial indications that the attacks possibly originated from Iraq, adding that Iran has important influence in southern Iraq. Thus, Iraq denied the accusations.