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IRAQ : Leighton Offshore secures US $518 million deal from South Oil Company
Publish Date : 18-Oct-2011
Leighton Offshore, a subsidiary of Leighton Holdings Ltd., received US $518 million deal from South Oil Company, for Crude Oil Export Facility Reconstruction Project.
Japan International Cooperation Agency (JICA) is funding and supporting this project under Japanese Official Development Assistance (ODA) loan. The project covers expansion of two offshore platforms, a 75 kilometer 48\" oil pipeline and a Single Point Mooring system. The main aim of this project is to stabilize and enlarge Iraq\'s crude oil export capacity.
As per the deal, Leighton Offshore will build a pipeline linking crude oil storage facilities to offshore crude oil export terminal in Fao.
According to Hamish Tyrwhitt, CEO of Leighton Holdings, the deal reflects company’s capability as well as its plans to be a leading company in offshore construction Industry.
Tyrwhitt said, \"Leighton Offshore has demonstrated its ability to deliver complex projects in difficult and remote locations and we are extremely proud to be a part of the rebuilding of Iraq\'s oil export infrastructure which is critical to Iraq\'s economy.\"
Peter Cox, CEO of Leighton Offshore, stated that, offshore oil and gas sector is company’s main area of growth.
