The Anglo-Dutch becomes the first Western major to enter Iraq through a deal with
Baghdad after nearly four decades.
A delegation from Shell arrived in Baghdad on Monday and signed the agreement with
South Oil Co, oil ministry spokesman Assem Jihad told AFP.
The venture, in which the Iraqi government will hold 51 percent and Shell the balance, will
extract gas from oilfields in the southern city of Basra.
While it is expected to be worth around four billion dollars (2.8 billion euros), the exact
commitments by the two parties are yet to be finalised.
Former dictator Saddam Hussein threw out foreign oil companies after he nationalised the
sector in 1972.
Since Saddam's execution in 2006, a number of foreign majors have signed contracts with
the country's northern Kurdish government, but none with the central government until
now.
AW and you thought that the USA went in looking for weapons of mass destruction.?
B :-) doc
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