Special to WorldTribune.com

BAGHDAD — Iraq has approved a nearly $1 billion energy contract.

The Iraqi Cabinet has endorsed a $998 million service contract with South
Korea’s Samsung Engineering for the development of the West Qurna Phase-2
oil field. The Cabinet reached the decision on Jan. 24 after Samsung
appeared on the final list of competitors.

Under the project, Samsung would work with the Iraqi Oil Ministry and
major foreign contractors. They were identified as Russia’s LukOil and
Norway’s Statoil, which were involved in the tender.

Samsung bested several leading Western firms for West Qurna. They
included Saipem as well as SNC Lavalin Group, Punj Lloyd, Globalstroy
Engineering.

  Iraq signs $1B energy deal with S. Korean firm, Iraqi Oil Ministry, LukOil, Samsung Engineering, Statoil, West Qurna Phase-2