Iraq is coming close to signing a highly profitable deal with two gas giants.

The $53 billion deal is expected to come in the form of a 30-year energy agreement with both Exxon and PetroChina, according to Iraqi Prime Minister Abdul Mahdi, who spoke to reporters on Tuesday.

Prime Minister Mahdi denied rumors of any link between this massive $53 billion energy project and US permission for Iraq to do business with Iran. Iraq is one of the very few countries in the world to maintain strong, friendly relations with both the US and Iran. Beyond politics, there is a definite need for energy infrastructure in Iraq. The project would involve two of Iraq’s major oil fields raising production from 125,000 barrels per day to 500,000 barrels per day, according to Prime Minister Mahdi. This project will become crucial in supplying water to the southern oil fields in order to increase and then stabilize production. Media reports quoted Iran’s ambassador to the UK as claiming that the US will grant sanctions waivers to Iraq, allowing the country to maintain economic relations with Iran in exchange for an Iraqi oil deal being signed with the US.

Iraq is expecting to make more than $400 billion over the 30 years this project will be running. The proceeds could serve as a great source of investment for war-torn Iraq, as their oil industry has taken a severe hit due to violence in the country. Iraq is OPEC’s second largest oil exporter.