US-based Defense Solutions, an international project management firm in the defence and energy fields, has outlined the firm's five year growth plan that capitalizes on the firm's extensive opportunities in Iraq.

Release of the business plan followed a week of meetings in the US with the head of the firm's staff in Iraq.

"We have three primary lines of business: oil, military equipment, and security – and Iraq needs them all," said CEO Timothy Ringgold.

"With the imminent departure of US forces from Iraq, the need for military equipment and security have never been greater."

Ringgold advised shareholders that he plans to be in Turkey on Monday to finalize banking to support proposed oil contracts Iraq.

"Afterwards we'll meet with the refinery before traveling to Baghdad to sign a contract," he added.

Two weeks ago CEO Ringgold informed shareholders of “the award of a major crude oil contract” to Defense Solutions.

“Since then," Ringgold said, "we've worked tirelessly to identify major oil refineries and to secure project financing estimated at $1 billion.  We are pleased to inform our shareholders that project financing is in place for us to accept any crude oil contract offered by the Iraq Ministry of Oil."

In addition to the proposed crude oil contract, Defense Solutions received contract award notification for Iraq straight run fuel oil, a contract estimated at $60 million.

"If successful, "Ringgold said, "This will be the first fuel oil contract issued by Iraq since 2009.  We at Defense Solutions are very pleased with this award and appreciative of the confidence in our operations shown by the Iraqi Government.”

“We will do our best not to disappoint," Ringgold added.

Defense Solutions has worked in Iraq since 2005 when it was the only supplier of battle tanks to the new Iraqi Army. – TradeArabia News Service