Iraq Signs $12B Gas Deal With Shell, Mitsubishi

Law360, New York (July 12, 2011, 12:28 PM ET) -- The Iraqi government on Tuesday officially signed a $12 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.

The agreement, which will establish the Basrah Gas Co., still requires approval from Iraq's cabinet.

“We believe that this joint venture is very important and would open many options to Iraq to make the best use of its natural gas. This venture will make more dry gas available for power...
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