Marketwire via Comtex – 2010-09-01 23:04:03
KBR to Execute Two Refinery Contracts for Iraq’s Oil Ministry, an Industrial Info News Alert
Marketwire via Comtex
BANGALORE, INDIA (August 27, 2010) — Iraq’s Oil Ministry has awarded two contracts to global engineering services company KBR Incorporated — (KBR 23.37, +0.73, +3.22%) — for the proposed 150,000-barrel-per-day Maysan refining complex. The ministry signed the contracts with KBR through Southern Refineries Company (SRC) (Basra, Iraq).
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Halliburton’s $150 Million Majnoon Deal
Iraq Business News
(August 22, 2010) — Further to our report last week Halliburton has confirmed that it has been awarded a letter of intent by Shell Iraq Petroleum Development B.V. for the development of the Majnoon field in Southern Iraq. Dow Jones suggests the contract for the 15 wells could be worth $150 million.
The giant Majnoon field is one of the world’s largest oilfields. The letter of intent provides that Halliburton will serve as project manager for the development work, in affiliation with Nabors Drilling and Iraq Drilling Company (IDC). The contract is still subject to final approval by the appropriate Iraqi authorities.
Shell is lead operator and holds a 45 percent share, partner Petroliam Nasional Berhad (Petronas) holds 30 percent and the Iraqi state holds 25 percent of the participating interests in all licenses. Shell has announced that the consortium intends to increase production from the current ~45,000 barrels of oil per day to a targeted production plateau of 1.8 million barrels of oil per day.
“Halliburton has made a sizeable investment in Iraq and we look forward to providing services to Shell and the consortium in order to increase production at this historic oil field,” said Dave Lesar, Halliburton’s Chairman, President and CEO. “We have in place the technology, equipment and personnel to ensure that we deliver the solutions that will help our customers in this region to meet their production goals.”
Halliburton has been active in the Middle East since 1946. Currently, Halliburton has more than 4,000 employees in the Middle East, and construction on phase I of Halliburton’s 400-man base in Burjisia, Iraq is complete.
(Sources: Halliburton, Dow Jones)
KBR Worker Admits Taking Bribes
Courthouse News Service
MANHATTAN (August 27, 2010) — A former KBR employee in Afghanistan pleaded guilty today to taking $200,000 in bribes from subcontractors, and laundering the money. Daniel Freeman admitted he took the money while working as a contracts supervisor for KBR, federal prosecutors said.
Freeman pleaded guilty to a two-count information accusing him of accepting corrupt payments while working on a federal program, and money laundering. He faces up to 30 years in prison and $800,000 in fines at his Dec. 9 sentencing.
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