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IN SECRET AGREEMENT, SHELL NETS 25-YEAR MONOPOLY ON S. IRAQ'S GAS
Posted On: November 8th, 2008
Royal Dutch Shell oil company and the Iraqi Oil Ministry have struck a secret, as-of-yet non-binding agreement that gives a monopoly over southern Iraq's natural gas to the energy giant. It marks the first time in over 35 years a Western oil company has played a major role in the country's most lucrative industry.
Signed Sept. 22 and obtained by United Press International, the "Heads of Agreement" document — basically a legal framework for a contract — delegates Shell sole access to the reserves for the next 25 years, with an option to extend that term.
"There hasn't been much transparency in this agreement," said Ali Hussain Balou, chairman of Iraq's Oil and Gas Committee, in a report by Reuters. "They did not give a chance to another company. We want to know why."
The agreement does not allow Iraqi's the first rights to the natural gas reserves