By John Lee. The preliminary principles agreement for the Al-Faw investment refinery project has been signed in Baghdad. The refinery will have a capacity of 300,000 barrels per day, while the petrochemical complex will be able to produce 3 million tons [per annum?]. The Minister of Oil, Ihsan Abdul-Jabbar Ismail, said that this project will […]
By John Lee. Reuters reports that China's state-owned China National Chemical Engineering Company (CNCEC) is to build a 300,000-bpd oil refinery at the Iraqi port of Fao. (Sources: Reuters, Mehr)
By John Lee. Petrofac has announced that its Engineering & Production Services division ('EPS') has secured a one-year contract extension worth around US$80 million with a key client in Iraq. While not mentioning the specific project, the company said: "The award is recognition of Petrofac's successful eight-year track record of safe delivery as the incumbent […]
By John Lee. The Iraqi cabinet has authorised the Director General of the General Company of Iraqi Ports to sign a contract with the South Korean company Daewoo to construct the first phase of the Al-Faw Great Port project in Basra. The project will be supervised by the Italian consulting company Technital. Reuters reports that […]
By Azhar Al-Ruabie for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq's al-Faw port project's endless delays Although 10 years have passed since the Iraqi government started laying the groundwork for the al-Faw grand port in southern Iraq, the project is still far […]
By John Lee. The Iraqi Ministry of Oil has reportedly announced that it will select a number of international investment companies to build five new refineries around the country: Kirkuk with a capacity of 70,000 barrels per day (bpd); Wasit capacity of 140,000 bpd; Nasiriyah capacity of 140,000 bpd; Basra card 140,000 bpd; and al-Faw […]
In connection with the UK Serious Fraud Office (SFO)’s ongoing investigation into Petrofac Limited and its subsidiaries (“Petrofac”), on 6 February 2019 David Lufkin, 51, a British national, and previously Global Head of Sales for Petrofac International Limited, pleaded guilty at Westminster Magistrates’ Court to eleven counts of bribery, contrary to sections 1(1) and 1(2) […]
By John Lee. Iraq's Ministry of Oil has signed a contract with the China National Offshore Oil Corporation (CNOOC) to carry out seismic surveys of two oil exploration blocks. One of the fields is in the territorial waters of Iraq in the Gulf, while the second in the city of Faw (Fao). (Source: Ministry of […]
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Environmentalists say Iraq's once fertile Faw Peninsula is facing catastrophe. The region has seen a major collapse in its fishing and farming industries due to drought and decades of wars. Al Jazeera's Imran […]
By John Lee. Iraq's National Investment Commission (NIC) has included the "Grand Port of Al Faw" in its list of major strategic projects to be presented during the Kuwait International Conference for Iraq Reconstruction, to be held in Kuwait from 12th to 14th February: Project cost: $6 billion Location: Basra Design capacity: Phase one 2018: […]
By John Lee. Iraq's Ministry of Oil has awarded the Al Faw [Al Fao] refinery and petrochemicals project to two Chinese companies. In a statement, the ministy named the companies as Power China and "Nerco Chinese Companies". Mr. Assim Jihad, the spokesman of the Ministry, said the refinery will have a capacity is 300,000 barrels/day. […]
Petrofac’s Engineering & Production Services (EPS) division has secured an award worth US$160 million from Basra Oil Company (BOC), previously known as South Oil Company (SOC), for its Iraq Crude Oil Export Expansion Project (ICOEEP). The new two-year extension reflects Petrofac’s continued delivery focus and five-year track record as the incumbent operations and maintenance service […]
