Petrel links up with Iraqi firm
Friday, 6 January 2006Petrel Resources has announced a joint venture with Iraqi contracting group, Makman Oil & Gas.
The venture covers the Subba & Luhais oil field development services contract awarded to Petrel by the Iraqi Ministry of Oil in September.
The arrangement is subject to the approval of the Iraqi Ministry of Oil. Petrel and Makman will form a new company for the purposes, in which each party will have a 50% share.
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Petrel MD David Horgan said: 'Petrel has always been committed to working closely with Iraqis and maximising local content. Our partner is Iraq's leading construction group and already working on two similar projects for the Iraqi Ministry of Oil'.
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