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Mitsubishi gets 5 percent of Iraq gas project

Mitsubishi gets 5 percent of Iraq gas project

Royal Dutch Shell says Japan's Mitsubishi will take a 5 percent stake in a planned joint venture it has with Iraq to produce natural gas in the south of the country.
Financial terms were not disclosed in the statement by Shell on Tuesday.
Shell and the Iraqi Ministry of Oil agreed in September to jointly set up the Iraqi South Gas Company to invest in gas production in the southern oil-rich province of Basra. The deal was Iraq's second with a foreign company since the U.S.-led invasion in 2003.
Iraq flares about 700 million cubic feet of gas every day from its oil production sites. Projects like the Shell venture aim to capture and commercialize the fuel for domestic use and export.


Updated : 2021-06-24 12:09 GMT+08:00