UK Companies in Iraq

Corporate Carve Up: UK Companies in Iraq – Top Ten


1. AMEC – £500m (approx)


Subcontractor on $154m Fluor contract to restore electrical power systems (Feb 2004)[1]

Joint contract with Fluor to ‘provide design-build services for construction, rehabilitation, operation, and maintenance of power generation facilities’ $500m from USAID (March 11 2004)[2]

Joint contract with Fluor to ‘provide design-build construction services for water resource projects in the northern and southern regions of Iraq’ $500m and $600m from USAID (March 11 2004)[3]

Unknown sum from Centcom contract;[4]

‘Federal spending in Iraq has helped Amec make a positive start to 2005.’ (May 2005)[5]
2. Aegis – £246.5m+

Private security

Three-year $430m Pentagon contract to coordinate military/security companies in Iraq: ‘a workforce the size of a military division; and may rank as the largest corporate military ever assembled’ (June 2004, extended by another year in 2005).'[6]

Turnover of Aegis has gone from £554,000 (2003), to £62m (2005); three-quarters of this from work in Iraq.[7]
3. Erinys – £86m+

Private security

$50m from US Army Corps of Engineers. $100m to protect oil fields (2003 to December 2004)[8]
4. Petrel Resources (Anglo-Irish) – £56.6m


Awarded $197.4m (£113.17m) contract to develop Subba and Luhais oil fields by Ministry of Oil (September 2005)[9]. Have formed a joint venture with Makman oil and gas, in which each will take 50%.[10]
5. HSBC – £36.88m (stake in Dar es Salaam bank)


Has bought 70% of Dar es Salaam Investment Bank, (which has assets of $91.1m)[11]. HSBC share is therefore £36,881,225. HSBC profit from Middle East business rose 25% in 2004.[12]
6. Cummins UK – £25.8m+


$45m from sale of power stations.[13] ‘To date we have supplied four power stations: 2MW for the Forum in Baghdad, 4MW for the El Rasheed Hotel (USAID), 5MW for the airport and 8MW for the US army.’
7. PB Power – £24.88m

$43.4 ‘Provide program management office support for the electrical services sector’ (March 10 2004).[14]
8. Control Risks – £23.5m+

Private security

Unknown proportion of $500m; subcontractor for Parsons USAID buildings contract.[15] (March 2004)

£23.5m from UK government for protection squads; figure disputed by CR (March 2004)[16]

‘one of the largest British PSCs in Iraq'[17]; 2004 turnover £80m[18]. Has over 250 personnel in Iraq (June 2005)[19].
9. MerchantBridge – £22.07m (capitalisation)


‘lead advisor’ to Iraq Ministry of Industry and Minerals for factory lease programme (Jan 2004)[20]

Launched Mansour Bank (Sep 2005), capitalised at $38.5m; 90% from Iraqi investors.[21]
10. Global Risk Strategies – £15.4m (at least)

Private security

Has 2,000 staff in Iraq.[22] Received $27m contract to distribute new Dinar (May 2004).[23] Guarded part of Baghdad airport (May 2004).[24]

[1] ‘AMEC Wins Leading UK Role in Rebuilding Iraq’, AMEC press release, 17/02/04

[2] Iraq Relief and Reconstruction Fund (IRRF) — Major Project Contractors, 2004,

[3] Iraq Relief and Reconstruction Fund (IRRF) — Major Project Contractors, 2004,; ‘Exports to Iraq rise 150% in first half of year’, FT, September 27, 2005


[5] ‘Iraq Boost for Amec’, Building Magazine, 18/05/05,

[6] ‘From Mercenaries to Peacemakers?’, Corporate Watch (US), 29/11/05,

[7] ‘Dog of War Builds £62m Business’, Sunday Times, 05/02/06,

[8] ‘Out of the shadows? “Silent partners” deliver safety and security in a dangerous world’, Pipeline Magazine, (September 2005)

[9] ‘Petrel Signs Iraqi Contract’, 02/12/05,

[10] ‘Petrel Resources enters into Joint Venture to develop Subba & Luhais oil field’, 06/01/06,

[11] HSBC press release, 28/10/05,


[13] Cummins profile, UK Power Companies in Iraq, UKTI, June 2005

[14], ‘Australia turns to experts at PB Power’, UK Newsquest Regional Press – This is The NorthEast, September 14, 2004

[15] Iraq Relief and Reconstruction Fund (IRRF) — Major Project Contractors, 2004,

[16] ‘A fistfull of contractors’, British American Security Council, 04/09/0, p.9

[17] ‘HSBC eyes stake in Iraqi bank’, Times, January 29, 2005

[18] ‘HSBC eyes stake in Iraqi bank’, Times, January 29, 2005

[19] Control Risks profile, UK Power Companies in Iraq, UKTI, June 2005



[22] ‘War’s fertile grounds for soldiers of fortune’, Sunday Times, 30/10/05,

[23] ‘The Baghdad boom’, Economist, 25/03/04,

[24] ‘Don’t call us mercenaries, says British company with lucrative contracts and cheap labour’, Guardian, 17/05/04,,11816,1218365,00.html