$449 million export gas pipeline in Iraq to be built by STX Group

16/11/2013

According to an Iraqi cabinet statement, which released on Tuesday, the STX Group of South Korea has won a contract, valued at $449 million to build an export pipeline for the Akkas gas field in western Iraq.
The statement added that the STX Group will provide engineering, procurement, construction and commissioning of the export pipeline for the field located in the western Anbar province near the border with Syria.
The company, part of STX Corp. (011810.SE), said work on the pipeline would take just under four years, but didn't specify the length and the size of the pipeline or if it would be extended through Syrian territory.
Kogas (036460.SE) is developing the Akkas field, which possesses an estimated 5.6 trillion cubic feet of gas, under a 2011 contract with the Iraqi oil ministry.
This year, South Korea's Daewoo Engineering and Construction Co. Ltd. (047040.SE) won a contract valued at $708.6 million to upgrade the Akkas gas field.

Last Update:: 16/11/2013

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