Facility in the Al Basra province is expected to be completed in 26 months.
Oil and gas services company will provide procurement, engineering, project management and construction services.
GfK institute survey suffers largest-ever decline in August over conflicts in Iraq, Israel and Ukraine.
Higher prices will bolster the oil sector in Western Canada, Newfoundland and Labrador, and bring in more tax and royalty revenues.
Energy firm could bring in partner to help develop the resource.