Petrofac said Tuesday the Iraq contract is its first offshore project in the country and the only one with an Iraqi state oil company. It covers one year of work initially, and may be extended. Petrofac lists its shares on the London Stock Exchange but has significant operations in the United Arab Emirates.
Iraq aims to rapidly boost its ability to pump and export oil as it tries to rebuild its economy after decades of war and sanctions. It produces about 3 million barrels a day now.
[Associated
Press]
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