Save this story to read later
From: AFP
October 05, 2011 8:05AM
New Work Project: Invent your perfect job
Iraq has awarded a $US518 million ($545.35 million) contract to expand oil export facilities in the south of the country to a subsidiary of Australian firm Leighton International, the Government said yesterday.
The project must be implemented within 16 months and will be funded by a Japanese government loan, government spokesman Ali al-Dabbagh said in a statement.
The total value of the contract is $US518,157,000 ($545.51 million) and was awarded to Leighton's Singapore-registered subsidiary, Leighton Offshore.
The project is to build a single point mooring loading buoy and a sea export pipeline "in order to increase the export capacities for the oil ports in the south to handle the increased crude oil production that will come after the oil auctions," Mr Dabbagh said.
He was referring to a series of public auctions held between mid-2009 and late 2010 by the Iraqi Government in which several contracts were awarded to foreign firms to ramp up production at oil and gas fields nationwide.
Having awarded those contracts, Baghdad is also seeking to improve its export infrastructure.
Yesterday's announcement follows the September 14 awarding of a $US468.5-million contract to expand oil export facilities in the southern port city of Basra to Italian firm Saipem.
Around 80 per cent of Iraq's oil exports are transported through its southern ports, with crude sales accounting for the lion's share of government revenues.
Iraq on Monday said that crude output was now 2.9 million barrels per day (bpd), and will rise to three million bpd by the end of the year.
It says it will be able to produce around 12 million bpd by 2017, although the International Monetary Fund has said these projections are too high.
Read more: http://www.news.com.au/business/iraq-awards-oil-project-to-australian-firm/story-e6frfm1i-1226158751835#ixzz1ZsKfbp9a
===========
Iraq: The Coming Oil Boom
Posted on 08 October 2011. Tags: FDI, Foreign Direct Investment
Articles from the October/November issue of fDi Magazine, available free of charge to registered users:
Iraq begins building towards long-term prosperity
Security issues, corruption problems, processes bound up in bundles of red tape… The problems facing companies wanting to do business in Iraq are myriad, but the country’s promise – as one of the world’s leading oil and gas producers – makes such short-term hurdles a price worth paying.
Turning Iraq’s ‘oil curse’ into a blessing
Iraq’s abundance of oil has been blamed for much of its instability over the past few decades. However, its new government is vowing to use the country’s oil reserves to bring greater unity to the Middle East.
Abdul Karim al-Luaibi: showing the world Iraq’s potential
Iraq has made solid progress in developing its oil capabilities and has ambitious plans to increase production further, according to its minister of oil, Abdul Karim al-Luaibi.
Building a future: Iraq’s race for oil refineries
Iraq’s dated oil infrastructure desperately needs updating and expanding so it can meet increasing demands. The government has ambitious plans, but can it engage the international oil companies to invest in them?
Iraq braces itself for US security withdrawal
Insurgent attacks have been falling in Iraq over the past few years, but as US and allied troops prepare to exit the country later this year, security issues are again ====================
Iraq to Construct Two New Refineries to Meet Domestic Need
http://oilprice.com/Latest-Energy-News/World-News/Iraq-to-Construct-Two-New-Refineries-to-Meet-Domestic-Need.html
Written by Charles Kennedy
Saturday, 08 October 2011 13:53
Message :
Attention Investors: Free video shows you one of the safest ways to invest in oil right now. Steady dividend payouts could make these the safest, most reliable investments in your portfolio and they are only going to increase in popularity. Click here for your Free report.
Iraqi Oil Ministry, anxious to reduce the country's dependence on imported foreign oil refined products, intends to build two new refineries in the provinces of Karbala and Missan. The Karbala refinery will refine up to 140.000 barrels per day and the one in Missan up to 150,000 bpd.
On 3 October Iraq’s Oil Ministry reported that the country remains unable to produce enough oil and gas to meet indigenous demands. While Iraq produces 8 million liters of liquid gas per day, it consumes approximately 12 million liters. As regards oil, while Iraq produces 12 million liters of refined oil every day, another 12 million liters have to be imported from international markets to meet domestic demand.
Furthermore, while Iraq’s Oil Ministry has repeatedly announced plans to quintuple the country's oil production from 2009’s level of 2.5 million bpd to 12 million bpd within the next five years, there would still not be enough refineries to process the crude oil into usable fuel, AK News-Kurdistan News Agengy-Iraqi Independent News reported.
Before the March 2003 U.S.-led invasion to topple the regime of Iraqi President Saddam Hussein, Iraq's daily oil production was 2.6 million bpd.
By. Charles Kennedy, Deputy Editor OilPrice.com
---
February 15, 2012, 9:08 a.m. ET
Iraq Says Too Early To Take Action Against Leighton - Official
Article
Printer
Friendly
Share:
facebook ↓ More
smaller Text larger
By Hassan Hafidh
Of DOW JONES NEWSWIRES
AMMAN (Dow Jones)--A senior Iraqi oil official said Wednesday it is still too early to take any action against a subsidiary of Leighton Holdings Ltd. (LEI.AU) following a corruption investigation by Australian police into an alleged illegal payment.
Abdul Mahdy al-Ameedi, head of the Iraqi Oil Ministry's petroleum contracts and licensing directorate, also said the Iraqi government hasn't taken so far any measure against Leighton Holdings' subsidiary Leighton Offshore Pte Ltd. which signed a number of contracts with the Iraqi ministry to expand the crude-oil export facilities near Basra.
Leighton Holdings Ltd. Monday said Australian police launched an investigation after the construction company notified authorities of a possible illegal payment by one of its subsidiaries linked to work expanding Iraq's crude-oil export facilities. Leighton said it wasn't yet known if there had been any wrongful conduct or whether the company would suffer adverse financial consequences as a result.
"These are only allegations …We need to wait for the results of the investigation first," Ameedi, told Dow Jones Newswires in an exclusive interview.
"They could be false allegations … We have only heard it from the media and we haven't received anything official," he added.
The possible breach of the company's code of ethics and Australian laws relates to payments that may have been made by Leighton Offshore Pte. Ltd. in connection with work in Iraq, it said in a statement to the Australian securities exchange. Leighton Chairman Stephen Johns said the company volunteered the information to police after becoming aware of a possible breach.
In October 2010, Leighton Offshore said it had received a contract worth US$733 million to install three moorings and 120 kilometers of pipeline in the Persian Gulf for Iraq's South Oil Co., part of work to redevelop export facilities from the Fao Terminal near Al Basra.
A year later, the company said the subsidiary had received a US$79 million contract from South Oil for an additional mooring, plus a US$518 million contract from the Iraqi company for further work, including two offshore platforms and a 75-kilometer pipeline being financed through a development assistance loan with Japan International Cooperation Agency.
Iraq opened on Sunday the first Single-point Mooring, or SPM, sea terminal able to handle some 900,000 barrels a day built by Leighton.
News of the suspect payment came as Leighton said it expected a profit of between 600 million Australian dollars and A$650 million (US$642 million and US$695 million), excluding one-time items, for the financial year to June 30, and a similar range for the year through December. The company is moving to a calendar year for its results to bring them into line with majority owner Hochtief AG (HOT.XE) and its parent Actividades de Construccion y Servicios SA. (ACS.MC).
-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com
(Robb M. Stewart in Melbourne contributed to this report)
---
Output stumbles early in record year-to-be
Employees of the state-run South Oil Company (SOC) work on a damaged pipeline, a day after bomb attacks occurred, in Rumaila oilfield in Basra province, December 14, 2011. (ATEF HASSAN/Reuters)
Employees of the state-run South Oil Company (SOC) work on a damaged pipeline, a day after bomb attacks occurred, in Rumaila oilfield in Basra province, December 14, 2011. (ATEF HASSAN/Reuters)
By Ben Lando of Iraq Oil Report
Published March 1, 2012
Iraq is on pace for another weak month for exports, officials say, and oil fields are being forced to curtail production. The problem stems from persistent infrastructure bottlenecks: a new export facility remains delayed and weather conditions have stymied tanker loading.
The Iraqi Oil Ministry's Inspector General is also intently watching an investigation by Australian authorities into the country's largest construction firm, which is accused of paying for bidding information in its success... ========= Leighton snares $200m Iraq contract for oil, gas by: LISA MACNAMARA From: The Australian September 29, 2012 12:00AM LEIGHTON Holdings has secured its first oil and gas contract in Iraq since a corruption scandal emerged earlier this year. Its Middle East joint venture Habtoor Leighton Group won the subcontract, worth more than $200 million, for engineering and construction work on a production facility in southern Iraq. ========
No comments:
Post a Comment