Kazakhstan's KazMunaiGas Pulls Out Of Iraq Field Deal

Kazakhstans KazMunaiGas Pulls Out Of Iraq Field Deal
dj
Τετ, 11 Μαΐου 2011 - 18:58
Kazakhstan's state fuel producer, KazMunaiGas EP JSC (RDGZ.KZ) has withdrawn from a deal to develop one of Iraq's largest gas fields near the border with Syria, a senior Iraqi oil official said Wednesday.
Kazakhstan's state fuel producer, KazMunaiGas EP JSC (RDGZ.KZ) has withdrawn from a deal to develop one of Iraq's largest gas fields near the border with Syria, a senior Iraqi oil official said Wednesday.

Iraq awarded KazMunaiGas along with South Korea 's Korea Gas Corp (036460.SE), known as Kogas, the deal in October 2010 to develop Iraq 's Akkas gas field but the signing of the initial contract was delayed twice due to disputes with the provincial authorities of Anbar province where the field is located.

"We received a letter from KazMunaiGas stating that they won't take part in developing the field," said Abdul Mahdy al-Ameedi, head of the Oil Ministry's Petroleum Contracts and Licensing Directorate.

Al-Ameedi said that the ministry might ask Kogas to develop the field alone or invite another company to replace KazMunaiGas.

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