Iraq awards $471.7m contract to Italian firm

Iraq has awarded a $471.7 million contract for an oil export facility expansion and sub-sea pipeline to Italian group Saipem, a source told Reuters.Saipem will build a single point mooring buoy (SPM) with an export capacity of 900,000 barrels per day and construct a 50-kilometre pipeline to transport crude from storage depots in Iraq’s southern Faw peninsula to the new floating terminal, according to the sources and to documents obtained by Reuters.Saipem should complete engineering, procurements and construction work within 24 months. The order is the second phase in a wider expansion project announced last year. From / Gulf Today