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Agree completely Lilo. In any case doesn't matter to which arm of Government you address a letter it is unlikely you would get a response apart from some brush-off along the lines of "we are unable to comment on the workings of another Department"etc etc Usual bureaucratic claptrap.
The Public Sector is not renowned for alacrity when it comes to decision making and the ethos which permeates local government was summed up in a reader's letter to a weekend paper which I paraphrase below.
"Rapid decision taking can prove rash and result in career damage whereas prolonging decisions ad infinitum can never produce censure and will lead to a long and blame-free career"
T'was ever thus I guess.
I agree as much as I would like to do that We are just no where near enough.
Yes, Manro, I am all for it and did make a similar suggestion over a year ago but the response on this site was "low". That may have been that obviously you cannot guarantee that say over 50% of members here will actually see your suggestion since the messages move down the page and onto previous pages. However you can keep your suggestion alive by re-posting it but this may annoy other posters. Basically what you need is a list & details of a large number of shareholders and send them your suggestion but i believe that information is private and not available to the likes of you and I ?
What about to create a letter collectively sign by Investors and send it to the UK government asking to intervene and clarify how long this investigation can go on and when it could be stoped? Or it may continue endlessly harming not PFC and bankrupting its investors? Could this somehow expedite the completion of this investigation? Just asking.
"as when the SFO is fone with their case , ....."
As and when being the operative words. They seem hell bent on dragging up muck on Petrofac come what may however long it might take.Then when the day comes that they find they have failed, again, they will just make an announcement and waltz off into the sunset to count their pension pots and move on to the next victim, having severely jeopardised Petrofac's future for which they are answerable to nobody.
They're a disgrace but symptomatic of Government's cavalier uncaring attitude towards us all.
I think because it is just an extension and not a new contract. Usually extensions are given to the main contractor who is already doing the works. It is a good sign though as when the SFO is fone with their case , PFC can possibly start picking up contracts as and when available.
Petrofac secures Iraq contract extension with Basra Oil Company
....and the SP goes down !!
Petrofac secures Iraq contract extension with Basra Oil Company
Petrofac’s Engineering & Production Services division (EPS) has secured a further six-month contract extension with Basra Oil Company (BOC) for its long-standing Iraq Crude Oil Export Expansion Project (ICOEEP).
The confirmation of the contract extension is recognition of Petrofac’s successful seven-and-a-half-year track record of safe and efficient delivery and ability to sustain and improve export levels as incumbent operations and maintenance service provider.
The facility, which is one of the largest export terminals in the Gulf and handles around 50% of Iraq’s crude oil exports, is located 60 km offshore the Al Fao Peninsula in Southern Iraq. It comprises a central metering and manifold platform and four Single Point Moorings which facilitate oil export onto awaiting crude carrier tankers. In addition, Petrofac is responsible for almost 300 km of subsea pipelines, 1800 metres of subsea and floating hose infrastructure and a marine spread comprising 14 vessels.
Mani Rajapathy, Managing Director, EPS East, said:
“We are delighted to be awarded this further contract extension in Iraq by our longstanding client BOC. During this current challenging period for operations we have continued to work well together, improving the daily export beyond two million barrels. We thank BOC for their consistent support and look forward to maintaining the best-in-class operation of this important national asset.”
Mr Ihsan Ismaael, Director General of BOC commented:
“Petrofac continues to be a true partner to BOC, ensuring uninterrupted and record exports. We appreciate their commitment, particularly during this recent period, and congratulate them for hitting new export highs.”
Petrofac has been present in Iraq since 2010. Today, Petrofac employs around 400 people in country and is currently working on a number of projects for a variety of NOC and IOC clients.
Wishful thinking whilst the SFO drag their bureaucratic heels, no doubt using Covid as an excuse, and SP struggling to maintain momentum.
SFO now ignoring all letters, arrogant b.....s.
well aware just left working for Petrofac, so up to speed on all the dividend cuts, the reasons, the redundancies and pay cuts in Aberdeen, which was opportunistic to say the least in relation to the pay cuts.
That might require a bit of patience Furry ! and probably a dividend to boot,
wish it would head to the £5 mark so i can cash out.
Feels like this might be heading for the 200 mark
The Energyvoice article (few posts ago) says the case is being held at The Old Bailey.
"The UK agency has charged four individuals in association with Unaoil’s activities and a trial is under way at the Old Bailey in London".
Typical shoddy journalism.
DT
SFO website still shows Southwark CC. Where does it say moved to the Bailey?
Last time I heard the Unaoil case was being heard at Southwark Crown Court? When did it move to the Old bailey??
DT
So, it's taken them over 3 years to decide no case to answer even when ABB self-reported on the basis they were just "concerned" about some of their past dealings with Unaoil.
About time somebody lit a fire under these bean counters who seem to be totally unaccountable for their actions (or lack of them) and have an abysmal record of blunders, including being fined by HMRC for VAT infringements. One Govt. Dept fining another-Mr.Kafka eat your heart out!!
Can't wait for the case to be dropped against PFC
Abbzzba; Thanks for that post. It was most interesting especially in relation to PFC.
https://www.energyvoice.com/oilandgas/241133/sfo-drops-unaoil-probe-into-abb/