Iraq Signs $17 Billion Gas Agreement With Shell, Mitsubishi

By Khalid Al-Ansary and Kadhim Ajrash

Nov. 27 (Bloomberg) — Iraq, seeking to boost power output after
years of conflict and sanctions, completed the final accord for a $17 billion
project with Royal Dutch Shell Plc and Mitsubishi Corp. to capture natural gas
from its oil fields.

Shell Chief Executive Officer Peter Voser, Mitsubishi Senior
Vice President Tetsuro Kuwabara and Iraqi Oil Minister Abdul Kareem Al-Luaibi
signed the agreement to save and produce gas that is currently flared off in
southern Iraq.

“This is a new chapter in the gas industry in Iraq,” Voser said
today at a ceremony in Baghdad.

Article by Links Group on Nov 28th 2011

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