Iraq's Oil Ministry "Clarifies" statement on Saudi Aramco
By John Lee.
Iraq's Ministry of Oil has issued a "clarification" on its previous statement regarding involvement of Saudi Aramco in the Akkas field in Basra.
On Thursday, the Ministry originally stated that it had an agreement with Saudi Aramco to invest in the field.
Later in the day, it issued a clarification, saying that talks that took place between the Ministry of Oil and the Saudi Ministry of Energy included inviting Saudi companies to invest in the Iraqi oil and gas sector, including an invitation to Aramco to invest and participate in the development of the Akkas field.
It said the Ministry hopes to reach an agreement that enhances the prospects for cooperation between the two countries, and that Aramco is studying cooperation mechanisms in this context.
The ministry indicated that it will "announce the terms and mechanisms of the agreement in case a final agreement is reached."
(Source: Ministry of Oil)