Sulzer has signed an agreement to form a joint venture (JV) with the Unaoil Group, dedicated to the service of all rotating equipment for oil and gas, and power customers in Southern Iraq.
The JV will operate under the name of Sulzer Rotating Equipment FZCO and will have offices in Dubai, with local operations and a branch in Southern Iraq. The JV builds upon the established cooperation between Sulzer and Unaoil.
Sulzer and Unaoil have already cooperated through establishing a local 1,500m² rotating equipment workshop at the Rumaila Concession Area. Rumaila, in the Basra province close to Kuwait, is a major oilfield in a central location of the country’s oil-producing south. It is considered the third-largest oil field in the world and is estimated to contain 17 billion barrels, which accounts for 12% of Iraq’s oil reserves, estimated at 143.1 billion barrels.
In recent months, Sulzer and Unaoil have considered in detail the risks and opportunities involved and developed robust plans to ensure employees and business interests are adequately protected.
Sulzer will provide field service, maintenance and overhaul services for all rotating equipment, including pumps, turbines, compressors and electric motors. Seeking a single-point solution, Unaoil decided to work with Sulzer as the leading provider of services for rotating equipment, to provide all such services locally with a single technical partner.
Through this JV, Sulzer will have a unique opportunity to become a major player in Southern Iraq’s market for the service of all rotating equipment, whilst contributing materially through Unaoil to Iraq’s local training, investment and industrial capability.