Iraq signs gas contract with foreign firms

BAGHDAD / IraqiNews.com: Iraq is close to sign a natural gas contract of billions of dollars with Royal Dutch Shell and the Japan’s Mitsubishi, the CNBC TV station reported on Thursday. “Iraqi Minister of Oil Hussein al-Shahrestani on Wednesday (Feb. 11) met high-ranking officials from the two companies,” Asim Jihad, the ministry’s official spokesperson, told the station. The preliminary contract that was signed in last September gives 51% of the deal to Iraq while Shell was supposed to get %49. “The contract now includes Mitsubishi,” Jihad added. According to a 2007 report by the U.S. government energy statistics unit, Iraq is the third largest country with oil reserves worldwide. Its confirmed natural gas reserves are estimated at 112 trillion cubic feet. The Iraqi parliament has opposed the contract, claiming that it would allow foreign companies to monopolize Iraq’s natural gas wealth. MH (P)/AmR 1