Tuesday, October 5th 2010
Honeywell International open office in Baghdad soon
Erbil, Industrial manufacturer Honeywell International Inc. Industrial manufacturer Honeywell International Inc. said Tuesday it is opening an office in Baghdad to make equipment for Iraq's oil and gas industry and plans to open other offices in the country over the next few years. said Tuesday it is opening an office in Baghdad to make equipment for Iraq's oil and gas industry and plans to open other offices in the country over the next few years.
Iraq is home to the world's third largest proven reserves of crude. Iraq is home to the world's third largest proven reserves of crude. Oil exports account for more than 90 percent of its state revenue.
The country has been struggling to rebuild its oil infrastructure after the 2003 US-led invasion that toppled Saddam Hussein.
Years of international sanctions ravaged Iraq's oil industry. Looting, sabotage and perennial security woes during the war battered the sector even more and stunted investor interest.
"Honeywell is uniquely positioned to play a key role in the reconstruction and development of Iraq," Norm Gilsdorf, president of Honeywell Process Solutions told Boston Globe. "We are committed to a full-scale presence in order to most effectively manage projects and build and nurture local relationships."
Iraq's oil minister Hussain al-Shahristani has said the country hopes to boost its production capacity to 12 million barrels per day by 2017 with the new contracts -- a level that would put it just shy of OPEC kingpin Saudi Arabia's current production capacity.
http://www.aknews.com/
