Iraq inks $17b gas joint venture deal

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BAGHDAD, Nov 28 (AFP): Iraq finalised a $17-billion joint venture deal with Shell and Mitsubishi to capture and process gas from its southern oil fields, at a ceremony at the oil ministry Sunday. The deal was signed by Shell CEO Peter Voser, Mitsubishi Vice President Tetsuro Kuwabara and Iraqi Oil Minister Abdelkarim al- Luaybi. "Today's event represents a big change in the oil industry," Luaybi said, adding that the deal constitutes the best use of the gas in line with Iraq's needs. "We are pleased to be partners in this project," said Shell's Voser. Earlier this month the Iraqi cabinet approved the deal which creates the Basra Gas Company, a joint venture to process associated gas from the Rumaila, Zubair and West Qurna-1 fields.