Basrah Oil Company (BOC) has signed a memorandum of understanding (MoU) with Royal Boskalis Westminster to establish a new artificial island, according to a statement by Iraq’s Ministry of Oil.

The artificial island will be a new leap for BOC as it will enhance the resilience of its oil exports and storage capacity, said the company’s General Manager Ihasn Abdelgabbar.

The offshore project, which includes installing two new pipelines and the construction of four marine docks, is set to increase BOC’s export capacity by 3 million barrels per day (b/d) of crude oil and the company’s storage capacity by 6 million b/d.

Boskalis Director Ko de Blaeij said that the project studies will take around one year, while construction works will be completed within two years, which brings the project’s timeframe to a total of three years.

The deal was signed in the presence of the Iraqi Deputy Prime Minister and Minister of Oil Thamer Ghadhban.

Royal Boskalis Westminster is a Dutch global dredging and offshore contractor and maritime service provider.