Iraq signs new gas deal
Iraq today signed a multibillion-dollar deal with Royal Dutch Shell PLC and Japan’s Mitsubishi Corp. to tap natural gas in the south, one of the biggest agreements by the OPEC member to develop an energy sector battered by years of neglect and war.
The $17bn (€12bn) deal forms a joint venture to gather, process and market gas from three oil fields in the oil-rich province of Basra. That gas, pumped in conjunction with crude oil, is currently burned off – or flared – due to lack of infrastructure.
