SOC signs contract with Australian firm to set up 2 oil ventures

BASRA / IraqiNews.com: The Director-General of Iraq‘s South Oil Company, Di’a Jaafar, announced on Saturday that SOC signed a contract with an Australian consortium to implement two oil projects in southern Iraq. “SOC signed contracts with the Australia’s Leighton Holdings Limited to implement two projects: the first to stretch two maritime pipelines from southern Iraq‘s Faw reservoir to Basra terminal, and the second to erect three floating units, each with an export capacity of 900,000 barrels per day,” he told IraqiNews.com news agency, adding that work would start within one month and continue till the implementation of the project in one year. He said the “target behind the contract is part of the Oil Ministry’s efforts to increase oil production in Iraq“. The oil-rich port city of Basra, Iraq‘s only outlet to the sea, is 590 km south of the Iraqi capital Baghdad. SKH (P)/SR/AmR 1