BGR Energy stated in a communiqué that State Company for Oil Projects (SCOP), Ministry of Oil, Iraq, has increased the value of the contract it placed on Oil and Gas Equipment Division of BGR Energy Systems Limited (BGR Energy) from US$ 76.6 million to US$ 80.5 million.

It should be recalled that in October 2006, SCOP has awarded a Lump-sum Turnkey contract worth of US$ 76.60 million to BGR Energy, for design & supply of Gas Processing Complex of KORMOR Gas Field Development Project. But the project could not take-off in time due to change in operation parameters.

Therefore, SCOP has now awarded the fresh contract for development of two gas fields viz. Akas and Al-Mansuria.

The scope of new contract includes engineering, procurement and supply of key utilities viz., Turbo Gas Generators, Water System Plant, Fire and Gas Detection, Fire Water System and Instrumentation Air System. Both projects are scheduled to be completed in next 18 months.

The company claims that it has secured the latest order in the international competitive bidding against stiff competition from Europe companies such as OGI- Ireland, Petrel-UK, Snamprogetti-Italy and Equinox-Canada.

Ahead of latest order win, the shares of the company today ended the day at Rs 361, up 2% compared to its previous close. The scrip touched an intraday high and low of Rs 367 and Rs 335 respectively.