Iraq launches a metallurgical plant in the Basra

The Ministry of Industry and Natural Resources of Iraq signed a contract with a non-advertised Turkish metallurgical company to launch a metallurgical plant in the city of Khor-al-Zubair in the Basra. The investment budget on construction the missile system is more than $ 700 million, the design capacity of the plant will be at the level of 1 million tons of steel per year.

The representative of the Iraqi Ministry said that the Turkish company pledged to increase the capacity of the existing plant from 440 thousand to one million tons, while reconstruction involves the development, construction and launch of new production lines.

The term for the reconstruction has been determined for three years, and the total term of the contract is 18 years, during which the profit from the production of metal products will be distributed between the Iraqi and Turkish company, and a small part will be sent to the budget of the Basra province.