Iraq will sign a $12 billion deal with Royal Dutch Shell to capture flared gas at southern oil-fields, The Wall Street Journal reports. The joint venture, which will be named BasraGas, will include the Iraqi government, Shell and Japanese project partner Mitsubishi.
Iraq’s state-run South Gas will hold a 51%, while Shell and Mitsubishi will own 44% and 5%, respectively. The deal is subjected to an approval by the Iraqi government.
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