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Baker Hughes announced solid second quarter earnings that saw profits rise to US$408mn, compared to US$93mn for the second quarter of 2010 and US$381mn, for Q1 2011.

The Ministry of Oil of Iraq has signed an Implementation agreement for the construction under BOO terms of the Refinery of Karbala with RKC (Refinery of Karbala Corporation Ltd) for an estimated US$6.5 billion.

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