Iraq, Iran to sign deal on shared oilfield-Shahristani

[ECH1969]

Iraq and Iran plan to develop oilfields that straddle their border and Iraq will pump crude to its neighbour's refineries, deepening commercial ties between the two oil producers, Iraq's oil minister said on Tuesday.

Iraqi Oil Minister Hussain al-Shahristani told Reuters in an interview that an agreement between Iraq and Iran will be signed in a few months after technicians mark out the common oilfields.

The deal, first explored by Iran and Iraq in the 1970s, entails both countries defining their reserves in the cross-border field and then pumping the crude jointly.

"We have already agreed to the unitisation principles. As soon as the technical people meet and mark the shared field (with Iran) then we will sign the agreement," he said. Shahristani said Iraq would forge similar deals involving oilfields straddling borders with Syria and Kuwait.

http://today.reuters.com/news/articlebusiness.aspx?type=tnBusinessNews&storyID=nL12813644&from=business

[VegasWolf]

1. Gee, I wonder what Exxon and Haliburton will order Bush to do. nt

[ConcernedCanuk]

2. Bush's "uniting" skills never cease to amaze me! . . . GO Georgie-boy!!

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