Toyo Engineering Corporation (TOYO, President and CEO Haruo Nagamatsu) has been awarded a contract of Technical Study and Project Audit for FAO Oil Depot, which is located in southern Iraq, with Basra Oil Company (BOC), who is one of Iraq National Oil Companies.
TOYO concluded a General Engineering Service Agreement (GESA) with BOC (South Oil Company at that time) in 2012. Under the GESA, TOYO developed the implementation plan for Iraq Onshore Crude Oil Pipeline Network. Although the implementation plan execution has been suspended due to security instability in Iraq, even after a certain blank period trustworthy relationship established between BOC and TOYO has revived the project and made this contract concluded.
Iraq Government is planning to export oil through FAO Oil Depot for 3.5mmbpd in 2020 and 6.0mmbpd in 2023. Under the contract, TOYO analyzes the current facilities under construction by a local company and develops the plan for modernization of the facilities to enable not only the improving facility capacity and the oil pure grade but also blending oil through FAO Oil Depot.
The work is planned to be done approximately for 8 months and executed by project management team collaborated with Iraq engineers under our policy “Of Iraq, For Iraq, By Iraq”, by which TOYO aims at services from the client’s viewpoint and technical transfer to them through execution
Contract Summary
| Client | Basra Oil Company (BOC) |
|---|---|
| Contractor | Toyo Engineering Corporation |
| Location | Basra, southern region in Iraq |
| Facility | FAO Oil Depot |
| Scope of Work | Technical Study and Project Audit for FAO Oil Depot |
| Completion | October 2019 (Planned) |