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Shell’s Iraq Gas Project Running Into Difficulty – Official

THE WALL STREET JOURNAL

April 12, 2010 By Hassan Hafidh Of DOW JONES NEWSWIRES

A multibillion-dollar deal between Royal Dutch Shell PLC (RDSB) and the Iraqi government to jointly develop domestic gas infrastructure in Iraq’s south has run into difficulty, an Iraqi official familiar with the talks said Monday.

The two sides failed to finalize the deal last month, after negotiations lasting more than a year, and have agreed to extend the talks for another six months ending Sept. 21, the official told Dow Jones Newswires.

The proposed $10 billion to $20 billion joint venture between Iraq’s South Gas Company, Shell and Mitsubishi Corp. (8058.T) aims to capture huge amounts of gas that is currently being wasted.

Using its own finances, Iraq has managed to boost gas production by 100 million cubic feet a day from the South Rumaila oil field, bringing total gas production from the Rumaila and Zubair fields to 450 million cubic feet a day, the official said.

-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831; [email protected]

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