BASRA, Iraq, January 3, 2011 /PRNewswire/ -- In an historic ceremony today Dr. Shiltagh Aboud, the governor of Basra
province, officially turned over control of the former U.S. military facility
known as Camp Bucca to Iraq investment firm Northern Gulf Partners and Iraqi
construction firm Kufan Group, who will transform the site into the "Basra
Logistics City", a state-of-the-art business and logistics hub addressing the
needs of the oil sector as well as, construction, and retail clients in the
rapidly growing Iraq economy.
Basra Logistics City is poised to become the preeminent business location
in Iraq. Sitting on 300 hecatres (740 acres) inside the perimeter of Camp
Bucca, the development lies just 2km from Iraq's primary port of Umm Qasr,
20km from the main border crossing at Safwan, and 40km south of downtown
Basra. 7 of Iraq's 9 supergiant oil fields lie within 150km of the Basra
Logistics City, making it an excellent staging ground for oilfield supplies.
Surrounded by a 15-ft berm and dozens of guard towers, the site benefits from
approximately $100 million worth of existing infrastructure including
warehouses, roads, advanced water treatment and sewer systems, electricity, a
recreational facility, a helicopter landing pad, 1,000 modern and well
maintained housing units, and more.
Said Kufan Group founder and CEO Maythem al-Asadi, "As an Iraqi company,
we are very pleased to see this project go forward because of the benefits it
will bring in terms of jobs and economic development in Iraq. We are working
closely with the Basra government as well as the town of Umm Qasr to ensure
that this project is a success for all involved."
Northern Gulf Partners was represented at the event by founding partner,
Bartle Bull, who said, "This is an extremely important project for Iraq and
for companies seeking to do business here. Basra Logistics City offers a
secure, convenient, and hassle-free way for companies to set up and get to
work in the booming Iraq market. With a host of amenities and easy access,
the Basra Logistics City allows companies to focus on their core business and
the immense opportunities here in Iraq. The local government here in Basra
truly has a vision for the region's development, and their decision to go
ahead with the Basra Logistics City is a testament to their commitment to
development in Basra and in Iraq."
The project bridges several critical gaps in the Iraqi economy. With
Iraq's main port of Umm Qasr already struggling to manage the volume of
commercial cargo entering the country, Basra Logistics City provides urgently
needed support for Iraq's intermodal commerce, improving logistics and
lowering the cost of doing business. The project also provides critical
facilities for operations, HSE and other training, and storage, which are
virtually non-existent in Basra but are badly needed by oil and oil services
companies working in conjunction with Iraq's $150 billion oil development
With the handover, NGP/Kufan will open the existing facilities to
logistics and storage customers, and will also commence the $245 million
first phase of development, which will include additional retail and
commercial office and storage space.
About Kufan Group
Kufan Group is Iraq's leading high-specification construction contractor.
Founded in 2004 as one of the first private sector Iraqi firms in this field,
the firm has grown into the leading Iraqi provider of high quality
engineering, construction, and technology solutions, with complementary
capabilities in engineering and construction, information technology
services, telecommunications, and oilfield services. Kufan has completed or
commenced fuel storage, telecommunications, sewerage, and other projects in
Iraq totaling over $200 million in Iraq for such demanding clients as the US
Army Corps of Engineers, the Iraqi Air Force, the Ministry of the Interior,
the Ministry of Communications, CH2M Hill, and others-including pioneering
experience with construction and design projects in Camp Bucca itself. For
further information please visit http://www.kufan-group.com.
About Northern Gulf Partners
Northern Gulf Partners is the leading Iraq investment firm, with offices
in Baghdad and New York. NGP provides world-class standards of investment
professionalism in Iraq, linking the best global capital to the finest
opportunities in this remarkably promising economy. NGP's management has been
present in Baghdad and throughout Iraq since early 2003. The firm's clients,
partners and counterparties are the country's leading business families and
most dynamic entrepreneurs.
NGP's investment philosophy focuses rigorously on three variables:
exceptional management, sustainable competitive advantage, and strong market
growth potential. The Firm's asset management investment activities include
private equity, alternative long-biased asset management in Iraqi and
Iraq-related public securities, and real estate. NGP also provides investment
banking advisory services, including corporate finance, mergers and
acquisitions, privatization advice and market entry. For further information
please visit http://www.northerngp.com.