Iraq signs $369M contract for new crude-processing facility
BASRA, Iraq, (Reuters) - Iraq signed a $369 million contract with Petrofac to build a new crude-processing facility in the giant Majnoon oilfield, a senior oil executive told Reuters.
Under the deal terms, work to build the new facility which has a capacity to produce 200,000 barrels per day, should be completed in 34 months, said Ihsan Abdul Jabbar, head of the state-run Basra Oil Company.
Once the new oil facility is operational, Majnoon's production will rise to around 450,000 barrels per day (
Iraq plans to invite service companies soon to compete for a tender to drill new 80 oil wells in Majnoon as part of a development plan to
In June, Royal Dutch Shell exited the Majnoon oilfield in southern Iraq and handed over its operations to the state-run Basra Oil Co. (Reporting by Aref Mohammed Writing by Ahmed Rasheed; Editing by David Goodman and Emelia Sithole-
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