Iraq Awards $518 mln Oil Expansion Deal to Leighton

Reuters reported that Iraq awarded a $518 million contract for an oil export expansion project to Leighton’s Singapore-registered Leighton Offshore Pte Ltd.

As quoted in the market news:

The whole expansion project underway in the southern Basra oil region involves building two marine pipelines and one onshore pipeline and installing four single point moorings (SPMs) for loading oil tankers at a total cost of about $1.3 billion.

Leighton will build a single point mooring buoy (SPM) with an export capacity of 900,000 barrels per day and construct a 48-inch sea export pipeline to transport crude from storage depots in Iraq’s southern Faw peninsula to the new floating terminal, Ali al-Dabbagh, the spokesman said.

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