BAGHDAD, Nov 25 (Reuters) - Iraq has approved a $144 million contract with
Argentina's Tenaris Oil Field Services (TENA.BA: Quote, Profile,
Research,
Stock Buzz) (TS.N: Quote, Profile, Research,
Stock Buzz) (TENR.MI: Quote, Profile,
Research,
Stock Buzz), the
world's largest maker of seamless steel pipes for the energy industry, the
government said on Tuesday.
The pipes will be used in drilling 100 new oil wells, government spokesman
Ali al-Dabbagh said in a statement.
Tenaris is expected to procure casing and production pipes within a period of
eight to 15 months, but the delivery deadline was not stated in the
statement.
Oil is Iraq's primary source of revenue and huge amounts of investment are
needed to rebuild its war-torn infrastructure.
Iraq OKs $144 mln deal with Argentina's Tenaris - Source