Korea Gas
Corp., or Kogas, will likely sign the final contract to develop one of Iraq's
largest gas fields in August instead of July as had been previously expected,
said an official with the South Korean state-run company Thursday.
The initial contract--signed on June 1--hasn't received approval from the Iraq
Cabinet yet, which is expected to happen next month, said Yoo Jeong-don,
general manager of Iraq
project group in Kogas, by phone.
Previously, the state-run company had said the final signing will allow Kogas
to seek new partners for the project.
Earlier this year, Kazakhstan's state gas company KazMunaiGas EP JSC withdrew
from the project, following which, Kogas decided to double its share, taking
over KazMunaiGas's stake.
Kogas currently has a 75% stake in the Akkas venture, up from 37.5% previously,
with Iraq's
state-run North Oil Company holding the remaining 25% share.