Iraq Inks $17B Flared Gas Deal With Shell, Mitsubishi

Law360, New York (November 28, 2011, 6:24 PM EST) -- The Iraqi government has finalized a $17.2 billion joint venture agreement with Royal Dutch Shell PLC and Mitsubishi Corp. to capture flared natural gas at oil fields in the southern part of the country, Shell and Mitsubishi said Monday.

Iraq's oil ministry inked the long-awaited deal with Shell and Mitsubishi on Sunday after receiving the go-ahead from the Iraqi cabinet on Nov. 15. The agreement establishes the Basrah Gas Co., which plans in 2013 to kick off operations to capture flared natural gas, a byproduct of...
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