The Iraqi Oil Ministry has chosen Italy's Saipem SpA (SPM.MI) to build an oil measuring and control platform at the country's major export terminals in Basra, people within the Iraqi oil industry said Thursday.

A person at the state-run South Oil Co. said that Saipem would build a fixed platform that contains measuring and control systems to measure crude oil before it is pumped into three export floating terminals, which are being constructed by another international company.

The people said that the project, worth $470 million-$480 million, still needs the approval of the Baghdad government.

They said that Saipem was chosen ahead of Leighton Offshore Private Ltd., part of Leighton Holdings Ltd. (LEI.AU), National Petroleum Construction Co. and J. Ray McDermott, part of McDermott International Inc. (MDR)

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