UAE company enters Northern Iraq's lucrative exploration and production market

BlackGold – a fully owned subsidiary of Al Zarooni Enterprises – has become one of the first UAE companies to enter the lucrative energy exploration and production market in northern Iraq, according to its CEO.

Najib Al Zarooni, Chief Executive Officer of BlackGold, said it had invested millions of US dollars in the Northern Iraq project, and that exploration is scheduled to start in 2010, with production likely commencing in early 2011.

“Northern Iraq holds great promise for both exploration and production investment, and we are excited to be one of the first UAE companies to boldly move into this new regional energy frontier.

BlackGold sees this project as an historic investment opportunity in a time of regional expansion,” said Zarooni.END