Iraq to Meet Iran, Kuwait on Cross-Border Oil Fields

Iraqi officials are to meet representatives from Iran later this month and Kuwait after that to discuss sharing oil production contracts in cross-border fields, Iraq’s oil minister said Thursday.

Speaking at a press briefing on the side of a Organization of Petroleum Exporting Countries meeting here, Hussein al-Shahristani said: “We will meet in a sitting committee…with Iran in December” to examine data on the fields.

Al-Shahristani added the parties will then “select a company in a bidding round to assess the reserves.”

Separately, Al-Shahristani said some $1 billion of a $1.6 billion loan granted by the Japan Bank for International Cooperation would be invested in a new fluid catalytic cracking unit at Basra’s refinery.

Dow Jones Newswires