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FINANCIAL NEWS
Samsung ratifies USD1b contract for Iraq’s West Qurna oilfield
24 Mar 2012
(MENAFN) South Korean Samsung Engineering inked a USD1 billion contract with Iraqi government for provide services for West Qurna Phase Two oil field, Reuters reported.
Oil Minister Abdul Kareem Luaibi said the contract comprises the construction of a complete establishment on the ground to produce oil of around 500,000 barrels per day.
Luaibi added that the contract is the first phase of the (total) project, which includes producing 1.8 million bpd.
Samsung won the tender last year over its other four competitors including Saipem, SNC Lavalin Group Inc, Punj Lloyd Ltd, Globalstroy Engineering.
The facilities included in the tender were the construction of an oil export pipeline, a tank farm at Tuba, a power distribution station and an associated gas processing plant, and also an oil gathering system, central processing facilities and a water supply system.
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