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| Hochtief to construct oil pipeline and offshore platforms in Iraq The Hochtief subsidiary Leighton has won two new contracts in Iraq: The unit Leighton Offshore will construct two offshore loading platforms off the country's south coast as well as a 75-kilometer oil pipeline and a Single Point Mooring (SPM) system. The contract has a volume of approximately EUR 376.3 million (USD 518 million). In the second project, the company will construct an additional SPM for roughly EUR 58 million (USD 79.85 million). This SPM is part of Phase 1 of another crude oil project on which Leighton has already been working since the end of 2010, and is scheduled for completion by 2012. Both contracts were awarded by Iraq's South Oil Company. The larger-scale project is financed through a loan by Japan International Cooperation Agency (JICA). The Iraqi oil industry is developing more dynamically than any other oil market in the region. It is expected that the country will treble its oil production in under a decade. write your comments about the article :: © 2011 Construction News :: home page |