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Tuesday, June 7, 2011     FOR YOUR EYES ONLY

Iraq says energy accord is 'a new beginning
for the oil industry'

BAGHDAD — Iraq has signed agreements to develop natural gas reserves.


The Iraqi Oil Ministry has signed agreements with companies from Kuwait, South Korea and Turkey. Under the accords, the companies would operate in Iraq over the next 20 years to develop fields in the north and south.

"This is a very important day, and it represents a new beginning for the oil industry," Iraqi Oil Minister Abdul Karim Al Luaybi said on June 5.

Also In This Edition

This would mark the first time a Kuwaiti company has been allowed to operate in Iraq since the invasion of Saddam Hussein in 1990. In addition to Kuwait Energy, Turkey's state-owned TPAO and the South Korean Gas Corp. were assigned to develop the Mansuriya and Siba fields in the provinces of Diyala and Basra, respectively.

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