Iraq has allocated $1.4 billion to build four floating oil export terminals and three sea pipelines in the southern oil hub of Basra in order to raise export capacity to 4.5 million barrels a day, the country's deputy oil minister said Monday.
Iraq
has
allocated $1.4 billion to build four floating oil export terminals and three
sea pipelines in the southern oil hub of
Basra
in
order to raise export capacity to 4.5 million barrels a day, the country's
deputy oil minister said Monday.
The ministry has awarded a number of multimillion-dollar contracts to
international companies such as Leighton Offshore Private Ltd., Foster Wheeler
Ltd. (FWLT) and others to build the project, Abdul Kareem Luaibi told Dow Jones
Newswires.
Leighton was awarded last month a $733 million deal to build three floating
terminals in
Basra
and
to extend two sea export pipelines, each of 60 kilometers in length, he said. The
fourth floating terminal and a third sea pipeline would be awarded soon, he said.
Each terminal would be able to handle 800,000 barrels a day. Existing
Basra
terminals are currently handling around 1.3 million barrels a day.
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