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STX Heavy Industries Finalize Deal for Pipeline Construction in Iraq
Towards Normalization
STX Heavy Industries Finalize Deal for Pipeline Construction in Iraq
  • By matthew
  • January 7, 2014, 06:36
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The Akkas gas field in Iraq was discovered in 1992 and began production a year later. It has 5.6 trillion cubic feet of proven reserves.
The Akkas gas field in Iraq was discovered in 1992 and began production a year later. It has 5.6 trillion cubic feet of proven reserves.

 

STX Heavy Industries announced on January 6 that the company and KOGAS AKKAS B.V., a subsidiary of Korea’s state-run Korea Gas Corp., signed a contract worth a US$449 million (500 billion won) in Dubai on January 3 (local time) for a gas pipeline project in Iraq.

The project is aimed at building and connecting a 550-kilometer pipeline in Iraq’s Anbar province with a gas field in Akkas. The Korean company will carry out all processes of the project on a lump sum, turn-key basis, from engineering to purchasing materials and equipment and constructing the pipeline itself. It is planning to complete the project by June 2017. 

An official at STX Heavy Industries said, “We will make an effort to successfully accomplish this project for management normalization,” adding, “Our firm plans are to try harder to win more construction orders from other countries, including Iraq.”