Aberdeen energy company EnerMech has launched a joint venture with the Khudairi Group in Iraq to target both the re-emerging oil and gas and large infrastructure sectors.
The JV, with one of the country’s longest established family-owned groups, is expected to generate $20 million-plus turnover within a short period.
Iraq is considered a key target market for the international engineering services specialist, which plans to roll out all of its services and to invest in new equipment in both Basra and Erbil.
EnerMech’s middle east general manager Chris Barker will lead the new enterprise.
The Khudairi Group has a 100-year long business pedigree and is owned by one of Iraq’s most prominent commercial families.
Enermech regional director John Guy said the JV will leverage benefits for both companies.
“There are a large number of opportunities in Iraq’s oil and gas sector as well as in large capital projects in the infrastructure sector, and working with Khudairi Group, which has long-established relationships with the major operators, will leverage benefits for both companies.
“We share the same ethics and business values and believe that the joint venture can evolve in to a $20 million plus per annum enterprise within three to five years.
“We are in the process of tendering for a significant number of workscopes and are already seeing substantial traction.”