Special to WorldTribune.com

BAGHDAD — Iraq has signed a $1 billion contract with South Korea to
develop a huge crude oil reserve.

The Iraqi Oil Ministry signed a service contract with South Korea’s
Samsung Engineering for Iraq’s West Qurna Phase 2 oil field. Officials said
Samsung would contribute to initial development as part of a 20-year
project.

“The project includes building a complete establishment on the ground to
produce oil of around 500,000 barrels per day,” Iraqi Oil Minister Abdul
Kareem Luaibi said. “We consider this the first phase of the [total]
project, which includes producing 1.8 million barrels per day.”

West Qurna has been headed by Russia’s LukOil and Norways Statoil.
Samsung bested four competitors, including Saipmen, SNC Lavalin, Punj Lloyd
and Globalstroy Engineering.

  Abdul Kareem Luaibi, Iraq, Iraqi Oil Ministry, S. Korea’s Samsung Engineering wins $1 billion Iraq oil deal, Samsung Engineering, West Qurna Phase 2 oil field