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Supreme Committee for Energy ratified the Convention on the south, the giant gas project
05/09/2011 05/09/2011
BAGHDAD - morning
Ratified by the High Commission of energy in the country of the Convention on the establishment of the giant South Pars gas project between the Ministry of Petroleum and Shell and Mitsubishi in preparation for submission to the Council of Ministers for final approval.
An official source said that the project will enter into force soon, noting that the Supreme Committee for approval power headed by the Deputy Prime Minister Hussein al-Shahristani is crucial for the direct implementation.
He said he expected the Cabinet to approve the project formally within the next few days, noting that the financial returns to the country estimated at more than $ 30 billion.
The Oil Ministry signed a contract to the initials of the project with Royal Dutch Shell and Mitsubishi of Japan in June 12, 2011, which paved the way for the final approval of the Supreme Committee for Energy.
It should be noted that the Ministry of Oil has reached a feasibility expected from the implementation of the project through extensive studies conducted over the past few years, which concluded that the joint venture will contribute to the rehabilitation and maintenance of infrastructure for the gas sector, as well as building new facilities for gas processing, with increased production of gas in conjunction with the increase in oil production in the Rumaila fields, West Qurna 1, Zubair.
According to specialists, the negotiations took place in an atmosphere of transparency, as companies have undertaken legal and international consultancy on behalf of the Ministry of Oil and a number of external reviews of the contracts. These reviews have included checks on the form of joint economic and technical affairs and legal for the project.
The Cabinet approved the formation of gas company Basra in June 2010, is expected to reach the value of these investments the company about $ 17 billion. The government owns 51 percent of the shares in the joint venture - Al Basrah Gas - Shell holds a 44 percent and Mitsubishi to 5 percent.
It is noted that the current production of gas up to 1.5 billion cubic feet of total gas reserves are 112 trillion cubic feet.
Supreme Committee for Energy ratified the Convention on the south, the giant gas project
05/09/2011 05/09/2011
BAGHDAD - morning
Ratified by the High Commission of energy in the country of the Convention on the establishment of the giant South Pars gas project between the Ministry of Petroleum and Shell and Mitsubishi in preparation for submission to the Council of Ministers for final approval.
An official source said that the project will enter into force soon, noting that the Supreme Committee for approval power headed by the Deputy Prime Minister Hussein al-Shahristani is crucial for the direct implementation.
He said he expected the Cabinet to approve the project formally within the next few days, noting that the financial returns to the country estimated at more than $ 30 billion.
The Oil Ministry signed a contract to the initials of the project with Royal Dutch Shell and Mitsubishi of Japan in June 12, 2011, which paved the way for the final approval of the Supreme Committee for Energy.
It should be noted that the Ministry of Oil has reached a feasibility expected from the implementation of the project through extensive studies conducted over the past few years, which concluded that the joint venture will contribute to the rehabilitation and maintenance of infrastructure for the gas sector, as well as building new facilities for gas processing, with increased production of gas in conjunction with the increase in oil production in the Rumaila fields, West Qurna 1, Zubair.
According to specialists, the negotiations took place in an atmosphere of transparency, as companies have undertaken legal and international consultancy on behalf of the Ministry of Oil and a number of external reviews of the contracts. These reviews have included checks on the form of joint economic and technical affairs and legal for the project.
The Cabinet approved the formation of gas company Basra in June 2010, is expected to reach the value of these investments the company about $ 17 billion. The government owns 51 percent of the shares in the joint venture - Al Basrah Gas - Shell holds a 44 percent and Mitsubishi to 5 percent.
It is noted that the current production of gas up to 1.5 billion cubic feet of total gas reserves are 112 trillion cubic feet.