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FINANCIAL NEWS
Iraq endorses USD879m Samsung oilfield deal
18 Jan 2013
(MENAFN) The Iraqi cabinet announced that it has endorsed an oilfield service contract valued at USD879 million with Samsung Engineering, reported The Peninsula.
The South Korean firm will be in charge of establishing a facility to help process crude from the Badra oilfield, located near Iran’s border.
In 2017, the field’s production is expected to reach 170,000 barrels per day (bpd).
Several international firms will develop the field, including Russia’s Gazprom’s oil unit Gazprom Neft, Turkey’s TPAO, South Korea’s KOGAS and Malaysia’s Petronas.
The field is estimated to hold reserves of 100 million barrels.
It is worth noting that Gazprom Neft forecasts to begin commercial output of 15,000 (bpd) in August.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
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Bank of Bahrain and Kuwait BSC announces the transfer of HSBC Middle East, Bahrain Retail Business to BBK.
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