Negotiations commenced in 2009 and on the 13th September 2012 the joint venture contract was signed

In January 2013, EPGI announced that they have been awarded the development management contract to develop and build the new Basra Oil and Gas International Free Zone in Iraq

In June 2013, the Masterplan for the Basra International Oil and Gas Free Zone was formally approved by the Consulting Bureau of the College of Engineering at the University of Basra, and by the Iraq General Commission for Free Zones

In February 2014, a loan from the Japanese government of US$360 million was agreed for the refurbishment of Khor Al Zubair port