Basra Gas Company approved

BAGHDAD / IraqiNews.com: Iraqi government announced the establishment of Basra Gas company in partnership with Shell and Mitsubishi companies to invest the gas in Ruamila, Zubai and west Qurna with an investment amount of 17 billion dollars for 25 years. Iraqi spokesman Ali al-Dabbagh said in a statement, copy received by IraqiNews.com, that the company, owned by the Iraqi oil company, will have 51%, Dutch Shell by 44% and Japanese Mitsubishi by 5%. He confirmed that the Iraqi government will impose a tax by 35% as well import taxes by 5% to be paid to the state and export tax by 1% to be paid to Iraqi Oil Marketing Company (SOMO). Iraqi oil ministry signed in September 2008 a preliminary accord with Shell International to establish the joint company.RM (TS)Number of Reads:51