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Kuwait, Iraq sign said to sign deal to import gas


Kuwait and Iraq have reportedly signed four cooperation agreements to boost bilateral ties, including a deal to import gas.

The agreements are in the fields of culture, industry, security and aviation, according to Kuwait Times.

The contracts were signed on Wednesday at the sixth session of a joint ministerial committee in Iraq’s capital Baghdad.

Under one of the agreements, Kuwait said it would begin importing up to 200 million cubic feet of gas daily from Iraq, the Iraqi oil minister Jabbar Al Luaibi was quoted as saying.

While OPEC member Kuwait is rich in crude oil, it is low in gas resources and has depended on imported gas for years to meet demand. Kuwaiti oil minister Essam Al Marzouk said an initial 50 million cubic feet daily would rise gradually to 200 million cubic feet a day.

Al Luaibi said the two nations had also discussed production from border oilfields, which in the past had led to conflicts and eventually resulted in Iraq’s invasion of Kuwait in 1990.

In 2010 the two countries agreed “in principle” to regulate production from the frontier oilfields and create a unified international company to drill for oil in the border. However, the deal was never finalised.


Source : http://www.arabianbusiness.com/
Posted on :1/24/2017