SINAN SALAHEDDIN
Business Week
December 21, 2009

An Iraqi official says Iraq has signed a deal to let a business partnership between Malaysia’s Petronas and Japan’s Japex develop a southern oil field.

[efoods]Oil Ministry spokesman Assem Jihad said Monday that the companies plan to produce 230,000 barrels a day from the Gharraf field by 2023.

The field is believed to hold 863 million barrels.

Jihad says the companies will be paid $1.49 for each barrel produced.

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