Turkish construction giant ENKA has signed a contract worth over $1 billion for a major energy project in Iraq’s Basra region. The deal, part of TotalEnergies’ “Associated Gas Upstream Project (AGUP) Phase 2,” entrusts ENKA with full responsibility for the Central Processing Facility, from engineering and procurement to construction and commissioning.
Central Processing Facility Assigned to ENKA
According to the company’s statement to Turkey’s Public Disclosure Platform (KAP), ENKA will oversee all critical phases of the project. The facility is a cornerstone of TotalEnergies’ broader “Gas Growth Integrated Project (GGIP),” which aims to expand Iraq’s natural gas production capacity, supporting both energy independence and economic development.
Commissioning Targeted in Less Than Three Years
ENKA plans to complete the project and prepare it for operation in under three years. The company emphasized its commitment to bolstering Iraq’s energy security and enhancing the region’s energy potential.
Stock Market Reaction
Following the announcement, ENKA Holding shares on Borsa İstanbul surged sharply. As of 1:30 p.m., the stock was up 7.25%, trading at 73.20 TL, nearing its daily limit.
Decades of Experience in Iraq
ENKA has a long history in Iraq, where it secured its first project in 1975 with the construction of the Shatt al-Arab Bridge. Since then, the company has completed nearly 40 projects in the country, with the majority in the energy sector, representing a combined value exceeding $6.4 billion.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök