FINANCIAL NEWS

Baghdad awards $733m deal to Leighton Offshore

30 Sep 2010

(MENAFN) The Iraqi government said that it has approved a $733 million deal with a Singapore-based company to expand the country’s oil export infrastructure in the Gulf, Reuters reported.

The government statement said the deal with Leighton Offshore Private Ltd. will boost export capacity through the Gulf to 3 million barrels a day from 1.8 million now.

It added that the deal requires new pipelines and rigs to be constructed in the Basra region over a period of 15 months.

OPEC member Iraq says it expects crude output to climb fivefold from current levels to 12 million barrels per day by 2017 after opening some of its biggest fields to foreign oil companies.

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