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October 30, 2014

Petrofac wins contract extension to support Iraq Crude Oil Expansion Project

Petrofac has secured a second contract extension worth about $106m to support South Oil Company's (SOC) Iraq Crude Oil Expansion Project.

Petrofac has secured a second contract extension worth about $106m to support South Oil Company’s (SOC) Iraq Crude Oil Expansion Project.

The extension, which will run for 12 months starting in December, brings the total value of the contract to more than $300m.

"Petrofac will also provide services on subsea pipelines and tanker operations, all based 60km offshore the Al Fao Peninsula in southern Iraq."

Petrofac will provide operations and maintenance services for a range of offshore facilities that include an offshore platform, central metering, a maintenance platform, and four single-point moorings.

The company will also provide services on subsea pipelines and tanker operations, all based 60km offshore the Al Fao Peninsula in southern Iraq.

Petrofac Offshore Projects & Operations senior vice-president for MENA/CIS Mani Rajapathy said: "This extension builds on Petrofac’s recent successes in Iraq and our commitment to our valued customer SOC.

"Over the past 24 months we’ve loaded 280 tankers and exported 570 million barrels. We have helped to drive consistent improvement in monthly exports, with export for the last six months averaging in excess of 31 million barrels."

SOC director general Dyeyaa Jaafar Hyjam said: "During the last two years, apart from delivering operations and maintenance, and export targets, Petrofac has brought in its wider capabilities in engineering, supply chain and project management for the benefit of SOC.

"This contract extension reflects Petrofac’s significant contribution to SOC’s improved export from Al Fao, in a safe and efficient manner."

The Iraq Crude Oil Expansion Project is a 247km-long pipeline master-planned by the Iraqi Ministry of Oil (MoO). The new pipeline will increase the country’s Basra crude oil export capacity.

The project was conceptualised in 2007 when the Iraqi MoO decided to increase the country’s export capacity of the existing offshore facilities from 1.8 million metric barrels per day (mmbpd) to 4.5 mmbpd within five years.

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