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Iraq and Kuwait sign the first agreement to invest oil fields shared between the two countries DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Iraq and Kuwait sign the first agreement to invest oil fields shared between the two countries

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Iraq and Kuwait sign the first agreement to invest oil fields shared between the two countries Empty Iraq and Kuwait sign the first agreement to invest oil fields shared between the two countries

Post by RamblerNash on Sat Aug 03, 2019 12:23 am

Iraq and Kuwait sign the first agreement to invest oil fields shared between the two countries

Iraq and Kuwait sign the first agreement to invest oil fields shared between the two countries An-iraqi-worker-adjusts-a-control-valve

2019/08/02 09:47:28
 
Iraq and Kuwait signed a joint contract with "ERC Equipoise Pte.Ltd.UK", "Global Consultant" on the number of studies on the optimal investment of the border fields shared between Iraq and Kuwait.

The head of the Iraqi side, Director General of the Department of Oil Contracts and Licenses in the Ministry of Oil Abdul-Mahdi al-Amidi said on Friday that the signing of the contract came as a culmination of the work of the Iraqi-Kuwaiti committee, an important step to strengthen ties of bilateral relations between the brothers and to emphasize the keenness of the government and the ministry to resolve all outstanding issues Between the two countries and work to expand horizons of cooperation between them in all areas, including the oil and energy sector.

He added that the global consultant will provide us with all information related to the oil reserves and the volume of reserves and other information, which paves the way for joint investment between Iraq and Kuwait.

For his part, the head of the Kuwaiti side, Undersecretary of the Ministry of Petroleum Sheikh Talal Al-Fahd Al-Sabah, praised the bilateral relations between the two countries, praising the role of the joint committee

I have worked hard to make this historic agreement and this important contract with the global consultant, stressing the deep brotherly relations between the two peoples, expressing the feelings of happiness and pride of what has been achieved, which paints serious features of the nature of the distinguished relations which are witnessing a rise towards a broader and more comprehensive horizons.

The head of the global consulting company (ERC) said that his company will start work according to the contract, and is preparing studies and gathering technical information, in preparation for the conclusion of an agreement between the parties for joint investment.

For his part, the spokesman of the Ministry of Oil Assem Jihad on the importance of this agreement between the two countries and the importance of this contract, which provides for the company to prepare technical studies and reservoir for the fields produced joint production, namely the field (dome Safwan - Abdali) and field (Rumaila South Rattka - field Rtqa) To regulate, exploit and invest the common border fields between the two countries and guarantee the right of each party in these fields.

The ministry spokesman said that this agreement is the first in the history of the oil industry, and the first step towards the conclusion of new agreements to regulate the investment and optimal exploitation of the border fields shared with neighboring countries in accordance with formulas and mechanisms and international agreements adopted.

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