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EFIC support for Leighton to construct crude oil facilities in Iraq

Leighton Holdings’s subsidiary Leighton Offshore has will participate in a $US733 million contract to construct enhanced export crude oil facilities in southern Iraq.

Export Finance and Insurance Corporation (EFIC) has provided two performance bonds to support Leighton’s participation.

Leighton Offshore’s engineering, procurement and construction contract is to install three single point moorings and 120 km of 48-inch pipeline in the Arabian Gulf, offshore of Iraq. The project will expand and improve facilities for exporting oil from the Fao Terminal near Al Basrah and is a major part of the South Oil Company’s strategic redevelopment program for Iraq.

Leighton Offshore’s customer, South Oil Company, required a performance bond from a local bank. As a result, EFIC utilised its network of international banking relationships to enable issue of the bonds by South Oil Company’s nominated bank in Iraq.

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