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Iraq opens oil fields to Japan and South Korea

12 Apr 2007
The Iraqi Oil Minister Hussein Shahrastani invited Korean and Japanese companies to engage in a dialogue with the South Oil Company to develop the currently discovered fields in the southern region within the ministry's plan to develop and increase production rates in these fields. Assim Jihad, the media spokesman of the Ministry, reported on Shahrastani, before leaving last Saturday with Prime Minister Nuri al-Maliki along with a high-level delegation to Japan and Korea, saying: "We encourage Korean and Japanese companies to begin talks immediately with the South Oil Company to enter into contracts to develop oilfields in the southern region”. Shahrastani pointed out that Iraq possesses many giant fields, but the quantities produced do not commensurate with the existing reserve in these fields, and that is why we are developing these fields through the National Oil Company in cooperation with foreign companies, noting: we are pleased that Japanese and Korean companies are showing great interest in developing the fields, especially in certain areas, including the field of oil in Nasiriyah and a giant field in the east of Baghdad.
Prepared & Translated By: Team Iraq Daily Business Updates
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