Oil & gas service provider Petrofac has been awarded an engineering, procurement and construction (EPC) contract by Gazprom Neft for the first phase of the Badra Oilfield Development Project in Iraq.
The $330m lump-sum contract will see Petrofac provide detailed design, construction, commissioning and start-up work on the Badra development's central processing facility, which comprises three crude oil processing trains.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The competitively tendered project will commence shortly and be completed in three 18-month phases, with final completion scheduled during the second half of 2015.
Marwan Chedid, a divisional Chief Executive, said that "this is Petrofac's third notable project award in Iraq and also marks our first lump-sum EPC project in the country.
"Iraq represents a sizeable market opportunity for Petrofac and our Basra office is continuing to expand as we develop our presence in the country."
The share price rose 0.44% 1,597.00p by 13:02.
NR
-
Norfolk or Norway? Holidays you can afford with different-sized pension potsMany people look forward to taking more holidays when they retire. But what sort of trips could your pension buy you? We look at the holidays to match different retirement incomes
-
Q&A: Issac Thong – new lead manager of Aberdeen Asian Income Fund
