“This is IOC’s maiden entry in a purely engineering, design, and construction project in overseas markets”, A.M.Uplenchwar, pipelines director, said. IOC will be competing with Petrofac International Ltd of Sharjah, the Shanfari Group of Muscat, and CTIP Oil and Gas SRL of Italy. The bids are likely to awarded by the end of this year. The 300-km pipeline, connecting Iraq and Jordan is estimated to involve a cost of $100 million. The 30-year project will be implemented on a build-own-operate-transfer (BOOT) basis for maintenance and operation. IOC will scout for financial partners to the project only the contract is awarded, even though JordInvest, a Jordanian bank, has shown interest in financial participation, Uplenchwar said. He said IOC is also seeking refinery maintenance contracts in Oman and Bahrain. IOC is also assessing opportunities in Bangladesh for gas pipeline projects.
