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Italian firm inks deal to develop Iraqi oil field
- Iraq: Tuesday, November 03 - 2009 at 10:05
Iraq's oil ministry has signed an initial 20-year agreement with a consortium led by Italian energy giant Eni, the Wall Street Journal has reported. According to the deal, Eni, Italy's biggest energy company by market value, and its partners Occidental Petroleum and Korea Gas Corp. of South Korea will be paid $2 for each extra barrel of oil it extracts on top of current production at the field, but will be liable for a 35% tax on its profits. Moreover, Eni and its partners would pay the ministry $300m as a refundable five-year loan instead of paying a signature bonus.
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StaffTuesday, November 03 - 2009 at 10:05 UAE local time (GMT+4)
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