Pipe, valve, and fitting product distributor MRC Global (NYSE:MRC) has signed an exclusive agreement with Western Asia investment and advisory firm NAWAH LLC to support Iraq's growing oil and gas market.
The agreement, announced by MRC in a press statement Monday, will see NAWAH open a service and sales center in Basra, the coastal Iraqi city located near key oil and gas fields for delivery of MRC's products.
MRC posits the service and sales facility will help to develop and grow Iraq's strategic energy sector as the country builds around its vast natural resource reserves. It's the latest growing international market for MRC, which has developed a supply chain that sourced $4.6 billion in products from 35 nations last year.
MRC CEO Andrew R. Lane commented on the value of Iraq to his company in the press release, saying, "Iraq is a natural focus area for us and for our customers. ... With some of the world's greatest energy reserves, Iraq will continue to grow at a record pace."