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17

Shell signs up to $4bn Iraq gas deal

The oil giant becomes the first Western group to sign agreement with Baghdad since US-led invasion in 2003

Anglo-Dutch energy giant Royal Dutch Shell has agreed a gas joint venture with Iraq worth up to $4 billion, the Iraqi oil ministry said.

The deal, which will see the gas extracted from Iraqi fields being both sold in Iraq and abroad, will be signed next month, ministry spokesman Assem Jihad told AFP.

Shell will become the first Western oil group to sign a deal with Baghdad since the US-led invasion of 2003, with a venture the FT estimated to be worth about $4 billion.