FINANCIAL NEWS

Foster Wheeler unit wins oil deal in Iraq

14 Jul 2010

(MENAFN) Foster Wheeler AG said its unit has won a project management consultancy (PMC) services contract by South Oil Company (SOC) for the crude oil export expansion project onshore in southern Iraq and offshore in Iraqi waters, Reuters reported.

Foster Wheeler said its unit, Global Engineering and Construction Group, will work on the project that includes the installation of two new onshore and offshore pipelines plus three single point moorings and a central manifold and metering platform.

Scheduled for completion by July 2013, the project is expected to boost Iraq’s Basra export capacity from 1.8 million barrels per day (bpd) to 4.5 million bpd by 2014. The company however did not disclose the contract value for the project.

The scope of work will include monitoring and administering the purchase orders and contracts that have been placed by SOC in accordance with the recommendations made by Foster Wheeler during the execution of the basic engineering contract for this investment, said a top official.

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