Iraq to sign gas deal with ROK firm

 Iraq's Deputy Prime Minister Hussain al-Shahristani says the Korea Gas Corporation has agreed to sign a development contract for the Akkas Field. He adds that the deal could be finalized next month.

Akkas, the country's largest gas field, has estimated reserves totaling 5.6 trillion cubic feet. Hussain al-Shahristani says Royal Dutch Shell and Mitsubishi have also agreed on all technical and contractual aspects of another gas accord, and expect the Oil Ministry to present a final draft to the Cabinet, later this month.

The Deputy Prime Minister points out that Iraq has set its future production targets of 12 million barrels per day, based on his expectation that world oil demand will increase by 20 million barrels per day, over the next 20 years. He stresses that Iraq will be key to meeting these needs.

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