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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.
More News
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BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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