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Jindal SAW Ltd signed a Rs. 1000 Crore contract with Iraq

Jindal SAW Ltd. just got a $198 million (Rs. 1000 Crore approx) contract from Iraq. This project is to build and operate a factory intended to manufacture oil and gas pipelines in the south. Khalaf al-Badran the chairman of Basra Investment Commission said that the project is a 25-year deal and is aimed to revive its neglected industry sector.

Jindal Saw Logo

Jindal Saw

The pipelines that will be produced would be used for oil development projects in the country. These big projects will lessen the expense that the country would incur for buying oil pipelines in other sources. For the past years, Iraq had signed a lot of deals with foreign companies in order to develop their oil industry where they are targeting to have an output of 8-8.5 million barrels per day by 2017.

This would not be a problem if the country had done well in dealing with their management problems such as corruption and violence in the country. If these two can be addressed well, then the oil industry would benefit so much.

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