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FinancialNews
05-09-19
Iraq, Stroytransgas ink pact on exploration block
(MENAFN) Iraq's Oil Ministry and Russian-based Stroytransgas secured an agreement on launching works within Anbar, a western Iraqi province, for an oil and gas exploration block to be surveyed and developed.
"The exploration block No. 17 is one promising site, where preliminary studies and information indicate the existence of oil reserves ranging between 2-4 billion barrels of oil equivalent, as gas accounts for 60-70 percent of the reserves," stated Iraqi Oil Minister Thamir al-Ghadhban.
Oil Minister al-Ghadhban highlighted the significance of such a plan for oil and gas businesses in the province to be encouraged for stronger economy.
Al-Ghadhban added that the project will help open jobs opportunities along with backing the local private sector via subcontracts.
MENAFN0509201900450000ID1098967265
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