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Photo of Natural Gas burning off at oil field
Photo (location unknown): todbaker

From Reuters 11/7/08:

LONDON, Nov 7 (Reuters) - Oil major Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz) said its planned gas venture with Iraq's state oil company will have a monopoly on collecting and marketing gas extracted as a by-product of oil production.

Shell spokeswoman Kirsten Smart said in an email that the joint venture would be "the sole associated natural gas gathering, processing, treating and marketing company in the Governate of Basra."

The Anglo-Dutch oil major and Baghdad are finalising details of the plan before a final agreement is signed. The venture will be 51 percent owned by the state-owned South Gas Company and 49 percent by Shell.

Can you say "pillage and plunder"? I knew you could.

Of course, the contract isn't valid. Contracts under duress are not, and the presence of a foreign occupying army certainly qualifies as duress. I hope the Iraqis tear it up once the occupation ends.

 

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