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Saturday 14 May 2011

Kazakhstan’s KazMunaiGas withdraws from Iraqi deal


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A Kazakh company has pulled out of a deal to develop a gas field near the Syrian border, Iraq’s Oil Ministry and the company said Wednesday, in a blow to Iraq’s hopes of developing its neglected oil and gas industry. The decision by KazMunaiGas EP JSC of Kazakhstan is the first instance of an international investor pulling out of one of the agreements forged with such fanfare by the Iraqi government. The central government and the western province of Anbar where the field is located have argued for months about the terms of the agreement and whether excess gas can be exported to Syria.

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