Iraqs cabinet has approved a US$468.5mn preliminary contract with Saipem, Europes largest oilfield-services provider, to develop export facilities in the countrys south, State Minister Ali Al Dabbagh said.
The project's duration will be two years, Al Dabbagh said in a press statement earlier this week..
Saipem, controlled by Italy's ENI, was chosen over a unit of Australia's Leighton Holdings, which bid US$503.1mn.
Iraqi Plans
Iraq plans to modernise terminals at the port of Basra and other southern shipping facilities to spur the economy and improve the country's capacity to export oil, its main source of revenue.
The government needs to boost energy shipments to pay for reconstruction after decades of conflict, economic sanctions and under-investment.
