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HOCHTIEF to Construct Oil Pipeline and Offshore Platforms in Iraq for EUR 434 Million - Subsidiary Leighton expands its local activities - Projects demonstrate the Group’s offshore and commodities competence - HOCHTIEF.com
HOCHTIEF to Construct Oil Pipeline and Offshore Platforms in Iraq for EUR 434 Million

 

NewswireToday - /newswire/ - Essen, Nordrhein-Westfalen, Germany, 2011/10/14 - Subsidiary Leighton expands its local activities - Projects demonstrate the Group’s offshore and commodities competence - HOCHTIEF.com.

   
 
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The HOCHTIEF subsidiary Leighton has won two new contracts in Iraq: The unit Leighton Offshore will construct two offshore loading platforms off the country’s south coast as well as a 75-kilometer oil pipeline and a Single Point Mooring (SPM) system. The contract has a volume of approximately EUR 376.3 million (USD 518 million). In the second project, the company will construct an additional SPM for roughly EUR 58 million (USD 79.85 million). This SPM is part of Phase 1 of another crude oil project on which Leighton has already been working since the end of 2010, and is scheduled for completion by 2012.

Both contracts were awarded by Iraq’s South Oil Company. The larger-scale project is financed through a loan by Japan International Cooperation Agency (JICA). The Iraqi oil industry is developing more dynamically than any other oil market in the region. It is expected that the country will treble its oil production in under a decade.

About HOCHTIEF AG

HOCHTIEF (hochtief.de / hochtief.com) is one of the leading international providers of construction-related services. With more than 70 000 employees and a sales volume of EUR 20.16 billion in FY 2010, the company is represented in all the world‘s major markets. The Group's service offering in the fields of development, construction, services, concessions and operation covers the entire life cycle of infrastructure projects, real estate and facilities.

In the USA, the biggest construction market in the world, HOCHTIEF is the No. 1 general builder via its subsidiary Turner and, with Group company Flatiron, ranks among the most important players in the field of transportation infrastructure construction. With its subsidiary Leighton (HOCHTIEF share around 55 percent), the Group is market leader in Australia. Because of its engagement for
sustainability, HOCHTIEF has been listed in the Dow Jones Sustainability Indexes since 2006.

 
 
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Written by / Agency / Source: HOCHTIEF AG

 
 

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HOCHTIEF to Construct Oil Pipeline and Offshore Platforms in Iraq for EUR 434 Million

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HOCHTIEF AG |
Publisher Contact: Christian Gerhardus - HOCHTIEF.de 
+49 201 824-2642 presse[.]hochtief.de
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any HOCHTIEF AG securities in any jurisdiction including any other companies listed or named in this release.

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