Iraq has allocated $1.4 billion to build four floating oil export terminals and three sea pipelines in the southern oil hub of Basra in order to raise export capacity to 4.5 million barrels a day, the country's deputy oil minister said Monday.

The ministry has awarded a number of multimillion-dollar contracts to international companies such as Leighton Offshore Private Ltd., Foster Wheeler Ltd. (FWLT) and others to build the project, Abdul Kareem Luaibi told Dow Jones Newswires.

Leighton was awarded last month a $733 million deal to build three floating terminals in Basra and to extend two sea export pipelines, each of 60 kilometers in length, he said. The fourth floating terminal and a third sea pipeline would be awarded soon, he said.

Each terminal would be able to handle 800,000 barrels a day. Existing Basra terminals are currently handling around 1.3 million barrels a day.

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