Home
Iraq has threatened to expel Leighton Holdings from the country’s lucrative oil and gas fields, following the company’s announcement on Monday of an investigation into possible corruption.
The deputy head of the Iraqi Oil Ministry’s petroleum contracts and licensing directorate, Sabah Al-Saidi, told The Australian Financial Review he was shocked by claims that Leighton Holdings subsidiary Leighton Offshore might have sought to influence contract awards through improper payments.
“We have worked very hard to create a transparent oil and gas industry and these allegations are already proving very damaging to our international reputation,” he said.
“I do not want to pre-judge what this investigation may find but certainly we expect international companies like Leighton to perform to best international standard … Anything less than that does not have a place within our industry here in Iraq.”
Mr Al-Saidi declined to say if any investigation into Iraq’s Oil Ministry staff and practices was being conducted as a result of the Leighton probe.
Meanwhile, Deutsche Bank downgrades Leighton Holdings to a ‘hold’ recommendation.
[You must be registered and logged in to see this link.]
The deputy head of the Iraqi Oil Ministry’s petroleum contracts and licensing directorate, Sabah Al-Saidi, told The Australian Financial Review he was shocked by claims that Leighton Holdings subsidiary Leighton Offshore might have sought to influence contract awards through improper payments.
“We have worked very hard to create a transparent oil and gas industry and these allegations are already proving very damaging to our international reputation,” he said.
“I do not want to pre-judge what this investigation may find but certainly we expect international companies like Leighton to perform to best international standard … Anything less than that does not have a place within our industry here in Iraq.”
Mr Al-Saidi declined to say if any investigation into Iraq’s Oil Ministry staff and practices was being conducted as a result of the Leighton probe.
Meanwhile, Deutsche Bank downgrades Leighton Holdings to a ‘hold’ recommendation.
[You must be registered and logged in to see this link.]
