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FINANCIAL NEWS
UAE’s Lamprill to expand investments in Iraq
17 Aug 2011
(MENAFN) Lamprell’s chief executive, Nigel McCue, said that in order to benefit from the oil exploration expansion in Iraq, the Dubai oil services firm would launch operations in the country, reported The National.
McCue added that the company started negotiations with possible partners to establish bases in southern Iraq and Kurdistan in order to launch operations before year-end.
He also said that the company planned to expand its investments in the Middle East, since around two thirds of the world’s oil and gas reserves were in the region and needed to be explored. Moreover, in July, the Iraqi government pre-qualified 41 firms to bid for fresh exploration blocks, which would represent potential clients for the company.
It is worth noting that the firm acquired the Sharjah based company, Maritime Industrial Services, for USD336 million. Furthermore, Lamprell is expanding its investments in the renewable energy sector by building offshore wind turbines.
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