Korea’s Hyundai Signs Up To $2.45bn Iraq Seawater Project

Hyundai E&C has signed a letter of intent (LoI) with Iraqi state firm Basra Oil Co (BOC) to construct the vital Common Seawater Supply Project (CSSP). The $2.45bn contract was signed on 22 May and entails construction of a facility capable of treating 5mn b/d of seawater for injection into Basra’s oil fields to boost production.

While not yet finalized, this is a major step forward for a project that has struggled to get off the starting line, with Baghdad initially hoping for 2017 start up ( MEES, 7 June 2013 ).

Talks are ongoing with ExxonMobil and PetroChina for the South Iraq Integrated Project (SIIP) which encompasses CSSP alongside work on expanding export capacity and natural gas capture. They would be awarded the rights to develop the Nahr Bin Umar and Ratawi fields through SIIP and receive crude as payment for the $53bn project ( MEES, 10 May ). (CONTINUED - 177 WORDS)