April 17, 2014
BAGHDAD (AP) - Oilfield services provider Petrofac says it has signed a $100 million contract with Iraq's South Oil Company to do operations and maintenance work on new offshore oil export facilities in the Persian Gulf.
Petrofac said Tuesday the Iraq contract is its first offshore project in the country and the only one with an Iraqi state oil company. It covers one year of work initially, and may be extended.
Petrofac lists its shares on the London Stock Exchange but has significant operations in the United Arab Emirates.
Iraq aims to rapidly boost its ability to pump and export oil as it tries to rebuild its economy after decades of war and sanctions. It produces about 3 million barrels a day now.
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