Iraq signs $367m Petrofac contract

Petrofac has won a $367m (£288m) contract in Iraq, to build a crude processing facility in the Majnoon oilfield, with the capacity to produce 200,000 barrels per day. Petrofac has signed the deal with state-run Basra Oil, which took over operations on the site from Royal Dutch Shell in June. Work on the facility should complete in 34 months.