$ 17 billion gas deal in Iraq to promote the production of electricity

28/11/2011 | (Voice of Iraq) - Add comments - after signing an agreement with the company «Shell» and «Mitsubishi»
Baghdad: «Middle East»
Iraq signed a final agreement worth $ 17 billion with the «Shell» and «Mitsubishi» Yesterday (Sunday) to collect the gas currently being flared in the southern oil fields, in the project may enhance the production of electricity that are most needed. Officials said the agreement amounting to a 25-year-old is one of the largest agreements signed by Iraq with foreign energy companies aims to exploit the quantities gas being burned in the fields of southern and larger than 700 million cubic feet a day, and will handle two billion cubic feet of gas per day. and signed at the Oil Ministry in Baghdad for the Iraqi oil minister, Abdul Karim and coffee, and by the «Shell» Chief Executive Officer Peter Voser, and by the «Mitsubishi», Vice President and Assistant Chief Executive Ttsoro Kuwabara. And signed the final contract in the presence of the ambassadors of the Netherlands-Gurion Gontberk, Japan Susumu Ha Segawa. The minister said Iraq's oil after the signing that «What happened today (yesterday) is a big shift in the oil industry, and is the best use of gas in line with the need for him in Iraq and the provision of gas to industry Petrochemicals ». The Cabinet last week approved a contract worth $ 17 billion of the founding of the company «Basra Gas», in partnership with foreign coalition, where the company holds the address of the associated gas from oil fields of Rumaila, Zubair, West Qurna. The capacity of the proposed project more than two billion standard cubic feet / day. According to the contract that at the end of life of the project, which will continue for 25 years, will be the liquidation of foreign equity after the valuation of assets in the same way under which the valuation of assets currently available to the company «South Gas», the project becomes the property of Iraq by 100 per cent. According to the Oil Ministry, the project will achieve in 25 years revenues of approximately $ 39 billion, so the profit of the foreign partner's 7 per cent, and Iraq, about 40 per cent (the company's profits and returns of raw gas and taxes), and allocates the remainder of the cost of operating and investment.




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Oil deals being made, and gas deals being made almost everyday now. Iraq's economy will be much stronger then ever before and for you naysayers and those who believe otherwise, their currency can do nothing but revalue...... From dirt to the most valuable currency in the world, from poverty to the richest country in the world. The news is so positive you can not deny it.

TheRock wrote:Oil deals being made, and gas deals being made almost everyday now. Iraq's economy will be much stronger then ever before and for you naysayers and those who believe otherwise, their currency can do nothing but revalue...... From dirt to the most valuable currency in the world, from poverty to the richest country in the world. The news is so positive you can not deny it.

Rock, it seems like the last two months they have been working on getting oil and gas deals done. I hope some day soon they will be happy with it all and move to there next phase into the world...