Samsung Engineering Bags $879M EPC Contract in Iraq
Samsung Engineering said Wednesday that it has secured a contract, worth $879 million, from Gazprom Neft to construct gas processing facilities in Badra, Iraq.
The company revealed in a disclosure that the lumpsum turnkey agreement – an engineering, procurement and construction contract – will run from Feb.13, 2013, to Feb.16, 2016.
The gas processing facility, sited at the Badra oil field in south eastern Iraq, will be designed to produce 170,000 barrels of oil per day by 2017.
Russia's Gazprom-led consortium will include South Korea's Kogas, Malaysia's Petronas and Turkey's TAPO.
"This contract is significant to Samsung Engineering, considering Iraq has one of the largest oil reserves. As a leading EPC player in Iraq, Samsung Engineering is currently executing the second phase of the West Qurna project awarded by Lukoil in 2012," the company said in a statement.
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