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Petrofac joint venture secures EPCC contract in Kazakhstan with NCOC
09/07/2020 12:44 (UTC)
Dear Subscriber,
We have published the following press release:
Petrofac joint venture secures EPCC contract in Kazakhstan with NCOC
Petrofac’s Engineering & Production Services (EPS) division, in joint venture with Isker, a Kazakhstan company, has secured an Engineering, Procurement, Construction, Pre-commissioning and Commissioning (EPCC) contract worth approximately US$135 million for New Water Treating Facilities for North Caspian Operating Company (NCOC) in Atyrau, Kazakhstan.
You can find the full release here.
Dinoken
seems they only like Corona in the pub...they wouldnt touch it in Tesco, even if it was the last beer standing
https://www.youtube.com/watch?v=07SuPz_1iCY
Corona to hold up a decision ? No and Yes. Argument for No is that apparently, due to working from home, gov teams are running at 100% productivity with no bods absent / taking holiday - no kidding. Argument for Yes can be seen right here down pub, where gov bods are actually located, consuming seemingly endless bottles of Corona. Oh dear, I have just been bought a bottle myself ... Time to recycle the evidence ...
Pokerchips.
Yep- it will be interesting to hear what beans have been spilt but as for investigating the Iraqi government- a pipe dream.
The Guardian story? Ah yes-The Guardian- that well known friend and supporter of Petrofac throughout this whole ridiculous debacle.
" I think the SFO is hanging its hat on the Lufkin charge to rope in Petrofac if they can."
warthog4
well sure...there is obviously a lot of guys who dealt with Unaoil and it all depends on who knew what and where the money went etc..
You remember that Guardian story about PFC keeping secret accounts ....did Marwan Chedid know something ? why was he originally suspended, before eventually resigning ?
I actually think the Iraqi Government should be investigated too as it was their Energy ministers that were creating an environment in which anyone making the contract bids had to put ina little "extra" ..and everyone knew that if they didnt then someone else would ...same with the other areas...there was little choice ...
This Unaoil trial will no doubt have more individuals spilling the beans as to whatever happened and who exactly knew what , and at what level...not only for Petrofac but for all the other companies caught up in this Unaoil situation
It also all depends what those 2 Unaoil directors have offered as plea bargaining ...they are another 2 that were supposed to be senteneced but I havent heard anything since ..
No I did not miss it Porker, Pray tell me Why has PFC not been charged with any offense as a company ??????
It was Lufkin as an individual who was charged not Petrofac. Legally they are two separate entities. If Petrofac per se had been involved then they would have been joined in the indictment. I think the SFO is hanging its hat on the Lufkin charge to rope in Petrofac if they can. That is why, IMHO, they are taking such a sodding long time over it as they are scrabbling around digging for the slightest scrap of dirt. Three years, two months and counting but now open ended as they will use Covid as an excuse to string it out even longer.
" I think that you have missed is that there is no evidence that PFC have committed an offense "
eh?
" On 6 February 2019, David Lufkin, 51, a British national, and previously Global Head of Sales for Petrofac International Limited, pleaded guilty at Westminster Magistrates’ Court to eleven counts of bribery, contrary to sections 1(1) and 1(2) of the Bribery Act 2010.
These offences relate to the making of corrupt offers to influence the award of contracts to Petrofac worth in excess of USD $730 million in Iraq and in excess of USD $3.5 billion in Saudi Arabia."
https://www.sfo.gov.uk/cases/petrofac-plc/
Dinoken,
Very good points but PFC are a uk firm so I think they can be tried here the main point I think that you have missed is that there is no evidence that PFC have committed an offense
Back down pub at last and talking to completely sober international legal expert who raised a glass and a point that I had not considered before. Why is PFC being tried in London when 'offences' were committed in countries where quite frankly, they would not have got anywhere near a court, or if they did, would have been dismissed after the payment of 'royalties'. Believes that SFA is acting outside its geographical jurisdiction (i.e. UK) and that cases should be tried in the countries that they were committed, which in the case of Unaoil, is that sunny place for shady people - Monaco. Back to the Doom Bar, which is the only Bar my learned friend ever frequents these days ...
Why is it that every time anybody makes a comment about a person from another country he/she is accused of being racist.???? It is now bordering on paranoia.
Dinkoen was merely pointing out that it is ironic that a person coming from area of the world where inducements to do business are common, is the presiding judge on a case where the defendants are accused of handing out said inducements.
It was not a criticism of the Judge, his origins, or his capabilities.
was surprised to hear that the judge was born in Egypt. Land of baksheesh
blimey, bit of a racist comment Dinoken......strange in England to find out not all folks in suits and ties are decent, honest gentlemen !!
Talking about the court case, was surprised to hear that the judge was born in Egypt. Land of baksheesh. Should be cognizant of how business is conducted in middle east.
think it is just moving with the general market sentiment. It took a more intense hit in the last week or so, therefore has more room for recovery.
But not expecting any huge changes now until the court case finishes at which point it could be great or terrible (place your bets)
Is good news on the horizon long term holder average £ 4.50 would love to see it return.