Saudi Firm Eyes Oil Investments in Iraq

Saudi industrial and energy services company Taqa (TAQA.AD) is considering investing $1.6 billion in pipelines and $133 million in offshore platforms in Qatar and Iraq, an Arabic newspaper said on Friday.

Officials from Taqa told the Saudi-owned daily Asharq al-Awsat they were considering investing in the gas industry in Qatar and the oil industry in Iraq by building platforms and pipelines for companies already working in the two countries. Taqa, 40 percent owned by the Saudi government, said it has already invested 500 million riyals ($133.3 million) in offshore oil and gas platforms in Saudi Arabia.

Officials said interest has increased since one of the company’s main partners, the Italian oilfields services company Saipem (SPMI.MI), won a $10 billion contract to develop fields in southern Iraq.

Taqa has recently been on the acquisition trail, buying a 40% stake in Oman’s Sohar Aluminium for $400m, and some of Suncor Energy’s assets in Canada for C$285 million.

(Source: Reuters, BusinessWeek)

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