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Posts on ‘November 27th, 2011’

Iraq inks $17 bn gas joint venture deal

By Ammar Karim (AFP) Sunday, 27 November 2011

BAGHDAD — Iraq finalised a $17-billion joint venture deal with Shell and Mitsubishi to capture and process gas from its southern oil fields, at a ceremony at the oil ministry on Sunday.

The deal was signed by Shell CEO Peter Voser, Mitsubishi Vice President Tetsuro Kuwabara and Iraqi Oil Minister Abdelkarim al-Luaybi.

“Today’s event represents a big change in the oil industry,” Luaybi said, adding that the deal constitutes the best use of the gas in line with Iraq’s needs. read more

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Shell, Iraq Sign Agreement for $17 Billion Project to Develop Natural Gas

By Kadhim Ajrash and Khalid Al-Ansary – Nov 27, 2011 2:08 PM GMT

Iraq, seeking to boost power output after years of conflict and sanctions, signed the final accord for a $17 billion project with Royal Dutch Shell Plc (RDSA) to capture natural gas at oil fields.

Shell Chief Executive Officer Peter Voser and Oil Minister Abdul Kareem Al-Luaibi signed the agreement to produce gas that is currently flared off at fields in southern Iraq, in a ceremony today in Baghdad.

Under the 25-year agreement, the government will hold a 51 percent stake in a venture called South Gas Co., while Shell will have 44 percent. Mitsubishi Corp. (8058) is also a partner in the project and will hold the rest. South Gas will help collect more than 2 billion cubic feet (57 million cubic meters) of fuel a day at the Rumailah, Zubair and West Qurna fields in southern Iraq, Deputy Oil Minister Ahmad al-Shamaa said Nov. 16. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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