The charges levelled at Lufkin were related to the making of corrupt offers to influence the award of contracts to Petrofac worth in excess of $3.5bn dollars in Saudi Arabia and $730m in Iraq. The Iraqi oil ministry has reportedly walked away from negotiations over the Ratawi gas hub after a former Petrofac executive pleaded guilty to charges of bribery. A report in Al-Rai newspaper said that the deal was struck between the two sides on Monday and would see the company pay $450 million for its stake in the project.
The Iraqi oil ministry has reportedly walked away from negotiations over the Ratawi gas hub after a former Petrofac executive pleaded guilty to charges of bribery. A report in Al-Rai newspaper said that the deal was struck between the two sides on Monday and would see the company pay $450 million for its stake in the project.