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S.Korea's Daewoo E&C Wins $709M Iraq Gas Field Contract

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Reuters

BAGHDAD, July 29 (Reuters) - South Korea's Daewoo Engineering & Construction (047040.KS) has won a $709 million service contract to develop Iraq's largest gas field in the western province of Anbar, the cabinet secretary said on Monday.

Daewoo E&C will handle engineering, procurement and construction work for the processing facility and pipeline network at the Akkas gas field, which has reserves of 5.6 trillion cubic feet, Ali al-Alaq told Reuters.

Iraq signed a contract in 2011 to develop the western Akkas gas field, near the Syrian border, with South Korea's KOGAS (036460.KS) for a fee of $5.50 per barrel of oil equivalent and a production target of 400 million cubic feet per day over 13 years.

Iraq, holder of the world's 10th largest gas reserves, has said the priority for the gas will be domestic consumption, mainly for power generation, but has left open the possibility of allowing exports once domestic needs are satisfied.

(Reporting by Ahmed Rasheed; editing by Keiron Henderson)

Copyright 2014 Thomson Reuters. Click for Restrictions.

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