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IRAQ : Shell inks new energy deal with Iraq.

Iraq has signed a $17bn (Au11bn) deal over 25 years with Royal Dutch Shell and Mitsubishi to capture flared gas at southern oilfields. The deal will boost production of electricity.

It will gather gas from three major oil fields in Basra province, where 700 million cubic feet per day of gas is burned off due to the lack of infrastructure. The oil major has inked many deals already to form oil and gas resources in Iraq.

The new venture will be known as Basra Gas Company, with Iraq holding a 51% stake, Royal Dutch Shell's 44% and Mitsubishi 5%.

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Title Annotation:Royal Dutch Shell PLC
Publication:Mena Report
Article Type:Brief article
Geographic Code:7IRAQ
Date:Dec 1, 2011
Words:112
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