Energy

Mitsubishi Gains 5% Stake in Iraq Gas Project

Thursday, July 1, 2010

Iraq Basra

Tokyo - The Mitsubishi Corporation has entered into a US$17 billion partnership with Dutch Shell and Iraqi state-owned South Gas Company.

The venture will be called the Basra Gas Company and it aims to produce natural gas from four southern Iraqi fields. International shipments may begin as early as 2015 or 2016.

Eventually, the four fields - Rumaila, Zubair, West Qurna, and Majnoon - are expected to produce 2.5 billion cubic feet a day.

Shell and Mitsubishi will be expected to build an LNG terminal that can handle the export of 600 million cubic feet a day.

This terminal might be located off the coast of Basra.

Japanese companies have made several bids to develop Iraqi oil and gas fields in recent years, with Nippon Oil's effort to secure the rights to the Nasiriya oil field being the most closely watched.


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