Home
Piling Tech, a unit of UAE-based Tech Group, on Thursday said it had won its first oil contract in Iraq valued at $10 million from Lukoil, the second largest oil producer of Russia.
Under the terms of the agreement, Piling Tech will be involved in the installation of piles, foundations and wells for the West Qurna-2 oil field in southern Iraq. Lukoil, Russia’s largest private oil firm along with Norway’s Statoil and Iraq’s state-owned South Oil Company, is prospecting for oil in West Qurna – 2 after its won the contract in Iraq’s second licensing round in December 2009.
Tech Group CEO Ali Ghaleb Jaber said: “The West Qurna-2 deal is a milestone development for Piling Tech on two counts. One - it is our first foray into the oil and gas sector of Iraq, and second the deal signifies Piling Tech’s growing business footprints across various redevelopment projects in Iraq.”
Piling Tech set up its office in Iraq in 2009 and has been involved in a host of redevelopment projects across the country including piling works for the Sports City, bridges, water desalination plants and buildings in Basra and Baghdad.
“We look at the Lukoil contract as a stepping stone into oilfield development sector in Iraq as Piling Tech is expecting to conclude more deals which are in the active pipeline,” Jaber said, adding that “the volume of work with Lukoil is also expected to increase further as more contracts are awarded in West Qurna-2 oilfield.”
He said the increasing volumes of business for Piling Tech in Iraq was a direct reflection of the company’s reputation in the region as a leader and specialist in piling and foundation works with modern technology at its disposal and ability to complete works on schedule in a timely and cost-efficient manner.
Piling Tech is one of the seven specialist companies under the Tech Group umbrella in the construction sector.
Abdul Khalik Sultan, General Manager, Piling Tech, said that the current contract with Lukoil for five well clusters from 2 to 8 was a beginning and is the first phase of the project.
“We do intend to participate in more projects in West Qurna-2 and firm up our role in the oil and gas sector in Iraq. Our aim is to grow and reinforce the reputation as Piling Tech as a trustworthy partner in the lucrative oil and gas sector of the country,” Sultan said.
[You must be registered and logged in to see this link.]
Under the terms of the agreement, Piling Tech will be involved in the installation of piles, foundations and wells for the West Qurna-2 oil field in southern Iraq. Lukoil, Russia’s largest private oil firm along with Norway’s Statoil and Iraq’s state-owned South Oil Company, is prospecting for oil in West Qurna – 2 after its won the contract in Iraq’s second licensing round in December 2009.
Tech Group CEO Ali Ghaleb Jaber said: “The West Qurna-2 deal is a milestone development for Piling Tech on two counts. One - it is our first foray into the oil and gas sector of Iraq, and second the deal signifies Piling Tech’s growing business footprints across various redevelopment projects in Iraq.”
Piling Tech set up its office in Iraq in 2009 and has been involved in a host of redevelopment projects across the country including piling works for the Sports City, bridges, water desalination plants and buildings in Basra and Baghdad.
“We look at the Lukoil contract as a stepping stone into oilfield development sector in Iraq as Piling Tech is expecting to conclude more deals which are in the active pipeline,” Jaber said, adding that “the volume of work with Lukoil is also expected to increase further as more contracts are awarded in West Qurna-2 oilfield.”
He said the increasing volumes of business for Piling Tech in Iraq was a direct reflection of the company’s reputation in the region as a leader and specialist in piling and foundation works with modern technology at its disposal and ability to complete works on schedule in a timely and cost-efficient manner.
Piling Tech is one of the seven specialist companies under the Tech Group umbrella in the construction sector.
Abdul Khalik Sultan, General Manager, Piling Tech, said that the current contract with Lukoil for five well clusters from 2 to 8 was a beginning and is the first phase of the project.
“We do intend to participate in more projects in West Qurna-2 and firm up our role in the oil and gas sector in Iraq. Our aim is to grow and reinforce the reputation as Piling Tech as a trustworthy partner in the lucrative oil and gas sector of the country,” Sultan said.
[You must be registered and logged in to see this link.]
