Egypt’s state-owned Petrojet has been awarded a $185m-contract to build the first gas-processing plant for Iraq’s Siba oilfield, operated by Kuwait Energy.
This came in a statement received by Egyptian oil minister Sherif Ismail from the director of Petrojet, Mohamed Shimy, Egypt-based Youm7 reported.
Shemi says that for the first time, Petrojet will handle all gas-processing plant’s related works (turnkey) in EPC system, which includes engineering, procurement, and construction.
He notes that the project aims to enhance the oil field’s production to reach 110m cubic feet per day, with a timeframe of 18 months and an investment of around $350m.
The project backs Petrojet’s plan to enter the Kuwaiti market in the future and comes as a continuation of the successful presence in the Iraqi market, which proved to be fruitful in the past two years, according to the statement.
Petrojet has won EGP3.6bn in six major contracts in Iraq during the past two years.
The company is wholly owned by Egyptian General Petroleum Corporation (EGPC).
Kuwait Energy chairman, Dr Manssour Aboukhamseen says the Iraqi Oil Ministry welcomes the presence of the Egyptian oil companies in the Iraqi market, which represents a three-way regional cooperation between Iraq, Kuwait and Egypt and promotes growth and long-term stability.
Source: AME Info