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Iraq to sign terms on Rumaila oilfield project
- Iraq: Sunday, October 04 - 2009 at 10:06
Iraq has agreed commercial terms with BP and China's CNPC International for a joint venture to almost triple production at the giant Rumaila oilfield, AFP has reported. Under the agreement, Iraq state marketer SOMO will be allocated Baghdad's 25% stake, while BP has reduced its stake from 50% to 38% and CNPC has boosted its slice from 25% to 37%. The 20-year deal, which is expected to cost $14bn - $20bn, is expected to be signed within weeks.
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StaffSunday, October 04 - 2009 at 10:06 UAE local time (GMT+4)
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