Iraq's South Oil Company, the largest government utility by crude oil production, has picked Leighton Offshore Private Ltd.--part of Leighton International (LEI.AU), to build a loading terminal at the southern port of Basra, with a value of a little more than $500 million, an Iraqi oil industry source familiar with the project said Tuesday.
Iraq
's
South Oil Company, the largest government utility by crude oil production, has
picked Leighton Offshore Private Ltd.--part of Leighton International (LEI.AU),
to build a loading terminal at the southern
port
of
Basra
, with
a value of a little more than $500 million, an Iraqi oil industry source
familiar with the project said Tuesday.
Discussions between the SOC and Leighton are expected to be held early next
month to work out some technical details, the source told Dow Jones Newswires.
The deal, which aims at easing bottlenecks at
Iraq
's
southern oil export terminals, still needs the approval of the central
government in
Baghdad
, he
added.
The Single Point Mooring buoys, which would be able to handle some 900,000
barrels a day of oil exports, would be funded by the Japanese International
Cooperation Authority, which is part of the $5 billion that
Japan
pledged to
Iraq
in
2003.
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