Iraq OKs Weatherford $843m Zubair Power Contract

On Tuesday, Iraq's Cabinet approved an $843 million service contract granted to Weatherford International to install six power stations at the Zubair oil field.

Government spokesman and Minister of State Ali Al-Dabbagh told Bloomberg the plants will take 18 months to install.

Italian company Eni controls almost 33 percent of the Zubair project, with Iraq’s state-run Missan Oil Company owning 25 percent, Occidental Petroleum 23 percent, and Korea Gas Corp (KOGAS) almost 19 percent.

(Sources: Bloomberg, Reuters)

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