< Back to Iraqi Dinar in the News November 26th, 2008

Iraq OKs $144 mln deal with Argentina's Tenaris

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.