Economics
Iraq picks Hyundai E&C for $2.4bln seawater injection project - state oil company director
Iraq has selected Hyundai Engineering & Construction Company to build a $2.4 bn seawater injection facility, a project vital to increasing the country's oil production capacity, the director of the state-run Basra Oil Co said. Ihsan Abdul Jabbar said on Sunday that the awarding of the deal to Hyundai E&C still required the final approval of the oil ministry. The project work should be finished in four years and initially produce 5 mn bpd of water and eventually reach a capacity to produce 7.5 mn bpd of water, Abdul Jabbar said.
This publication may not be reproduced, modified, or re-disseminated in whole or in part without the prior written permission of Rabee Securities. The information provided herein is of a general nature and for informational purposes only and is not intended to serve as an offer or solicitation with respect to the purchase or sale of any security, or as a recommendation to adopt any particular trading strategy. Such information is subject to change without prior notice. Although Rabee Securities obtains information from sources it considers reliable, Rabee Securities makes no representations or warranties, express or implied, as to the information's accuracy or completeness. Furthermore, such information may be incomplete or condensed. Rabee Securities, its affiliates, directors, employees, assigns, agents, and successors bear no liability for any errors or omissions in this publication or for any losses arising from the use of or reliance upon this information. This limitation on liability applies to direct, indirect, consequential, special, punitive, or other damages, as well as damages for loss of profits or business interruption. Investors shall bear all responsibility for investment decisions taken on the basis of the contents of this report. Rabee Securities strongly advises potential investors to seek financial guidance when determining whether an investment is appropriate to their needs. All estimates included in this report constitute Rabee Securities’ opinion as of the date published on the report and are subject to change without notice. Copyright© Rabee Securities 2021