Iraq Signs a Contract With Lukoil & Samsung

abarrelfullabarrelfull wrote on 03 Apr 2012 07:52
Tags: engineering iraq lukoil m-east samsung upstream

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The ministry of oil of Iraq signed a contract with the Russian Lukoil Mideast Ltd. & the Korean Samsung, to apply the project of import and build oil collecting system & central processing system for the west Qurna field- second phase.

Mr. Abdulkareem Liaybi the minister of oil ensured the Iraqi readiness to start the development and initial production for the west Qurna oil field/ the second phase, for its importance as one of the giant production fields,

He also added that the ministry's plan to reach higher production levels will be reflected positively on the exported quantities and this contract is considered as a beginning to start completing the surface facilities and help speeding the production.

Mr. Sirgi Nikivorf, the Lukoil vice president for development affairs and head of delegation, ensured during his speech that, his company is proud of applying such contracts especially if it was with an internationally known company like Samsung. And added that the Russian company is keen to implement projects to the benefit of the oil fields development projects in the south of Iraq which will effect positively on the company's reputation.

Mr. Kiso Bark, the head of Samsung, during his speech ensured his company's devotion to apply the project according to the contract with the Russian company. Noting that Samsung is planning to apply many contracts that contributes in the development and success of the Qurna 2 project in addition to the development of the industry in Iraq.

The spokesman of the oil ministry Mr. Assim Jihad said that the contract value is (998) million dollars and the project is supposed to be completed within 29 months, as well as this project contains the design, supply and builds the crude oil collecting system & the central processing system in addition to the water supply system.

It is worthy to mention that the contract was offered during the second licensing round in 2009 and Lukoil & the Norwegian company Schtat oil won the contract with the price of 1, 15 dollar per barrel and production power of 1, 8 million bpd.

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