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Iraq Approves Gas Deal with Shell - ASHARQ AL-AWSAT English Archive
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BAGHDAD, (AP) – Iraq has approved a multibillion-dollar joint venture deal with Royal Dutch Shell PLC to tap associated natural gas in the south of the country.

According to the deal, designed to exploit the gas in three oil fields close to the southern city of Basra, Iraq will hold 51 percent of the venture’s shares, Shell 44 percent and Japan’s Mitsubishi Corp. 5 percent.

A government statement on Tuesday confirmed the deal but did not give the date for its final signing.

Iraq sits on an estimated 112 trillion cubic feet of natural gas reserves. It only produces about 1.5 billion cubic feet a day due to poor infrastructure.

Associated natural gas is a byproduct of crude production. Iraq’s daily flare of associated gas is about 700 million cubic feet.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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