Egypt's Petrojet wins $185mn Iraq contract
Company will build the first gas-processing plant for the Siba oilfield
Egypt's state-owned Petrojet has been awarded a $185mn contract to build the first gas-processing plant for Iraq’s Siba oilfield, accoridng to Egyptian authorities, operated by Kuwait Energy.
The director of Petrojet Mohammed Shemi was reported by local media as saying that this is the first time Petrojet wins all gas-processing plant’s related works in EPC system, including engineering, procurement, and construction.
He added that the project will attract around $350mn investment and will aim to increase production from the Siba oilfield to 110m cubic feet per day. The timeframe for completion has been estimated at 18 months.
Shemi added that the project backs Petrojet’s plan to enter Kuwait's market in the future and comes as a continuation of the successful presence in the Iraqi market.
In the past two years, Petrojet, which is wholly owned by Egyptian General Petroleum Corporation (EGPC), has won six major contracts in Iraq worth $470mn.
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