Royal Dutch Shell PLC (RDSB.LN)
Tuesday said the Iraqi cabinet approved an agreement with the company and
Mitsubishi Corporation (MSBHY), forming a joint venture to gather raw gas from
three major oil fields,
MAIN FACTS:
-Joint venture, held 51% by Iraq's South Gas Company, 44% by Shell and 5% by
Mitsubishi Corporation., will be called Basrah Gas Company, or BGC, and will
gather raw gas that is currently flared because of a lack of infrastructure to
collect it.
-Shell will provide project management and technical expertise with the
intention to facilitate the learning and development of Iraqi staff to
progressively assume key positions in the management of the company.
-Joint venture will collect and process raw gas from the Rumaila, Zubair and
West Qurna 1 and Majnoon fields in the southern part of Iraq.
-Primary market for the gas will be Iraq, but any surplus can potentially be
exported.