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A consortium of Egypt’s Nasr General Contracting Company, a subsidiary of Hassan Allam Holding, and EBS Petroleum, a subsidiary of China’s ZhenHua Oil, have launched a $71 million residential and logistics complex project for Iraq’s state-owned Midland Oil Company, local news website Shafaq News reported on Monday,
EBS Petroleum is the operator for the East Baghdad South (EBS) oil field, which falls under the jurisdiction of the Midland Oil Company
During a foundation stone-laying ceremony, Ahmed Al-Mahmoudy, CEO and managing director of Nasr General Contracting, said the company’s operations in Iraq reached around $123 million over the past year, including bridge rehabilitation projects in Mosul and road and intersection development works in Baghdad. Discussions continue over additional infrastructure and transport projects linked to the oil sector, he added.
Al-Qarnain discovery
The project announcement on Monday coincides with the Iraqi Ministry of Oil confirming last week a significant oil discovery in the Al-Qurnain (exploration block, located in the southwestern Najaf province.
ZhenHua Oil is the lead operator for exploratory drilling and seismic surveys in Al-Qurnain block through Qurnain Petroleum Ltd.
The oil exploration, development, and production contract for the Al-Qurnain block was signed in October 2024 between Midland Oil Company and North Petroleum International (NPI)—a wholly-owned subsidiary of ZhenHua Oil—as part of the fifth supplementary and sixth licensing rounds, according to a Ministry of Oil statement. The contract was later assigned to Qurnain Petroleum Limited, another subsidiary of ZhenHua Oil, which was appointed as the new operator of the block effective from May 2025.
(Writing by N Saeed; Editing by Anoop Menon)
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