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). (CONTINUED - 177 WORDS)