IRAQ OIL & JAPAN

November 30, 2007 at 10:29 am | Posted in Asia, Economics, Financial, Globalization, Iraq, Japan, Oil & Gas | Leave a comment

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Iraq Oil Fields & Japanese Involvement

In October 2006, the Iraq/Japan oil relationship came fully into the open when Iraqi Oil Minister Husain al-Shahristani visited Japan to promote bilateral oil links. Al-Shahristani revealed to reporters that several Japanese oil companies had expressed interest in developing the Nasiriya oil field in southern Iraq. This was even billed by some as a possible substitute for Inpex’s loss of the majority stake in Iran’s Azadegan oil field a month or so earlier.

Japanese government loans indeed began to give special consideration to the oil industry and the transportation infrastructure of Iraq. For example, about U.S.$18 million was provided at this time for the construction of a refinery in Basra. Some months later, the Inpex oil company was involved in concrete negotiations over the Qaiyarah Oil Field in northern Iraq together with its Canadian business partner, Ivanhoe Energy.

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