TNK-BP Joint Venture to Develop Iraq Fields

Source: www.gulfoilandgas.com 5/5/2010, Location: Middle East

TNK-BP Holding and Iraq Oil Company for Oil Investments (IOCOI) have signed an agreement to establish a joint venture aimed at identifying potential projects to acquire, develop and operate oil and gas fields on the territory of Iraq.

The two companies will consider joint acquisition of fields with commercial reserves within Iraqi provinces. TNK-BP has been qualified by the Ministry of Oil of Iraq to develop oil and gas projects.

“Iraq is one of the world’s leading oil producing countries. We welcome the establishment of the joint venture with IOCOI, part of the HMBS group, which has a century-long history and a substantial opportunity set in the Iraqi market. TNK-BP is interested in the expansion of its international business; it possesses cutting-edge exploration and production technology, and world-class cadre required to identify and implement joint projects in Iraq”, Mikhail Fridman, interim Chief Executive Officer of TNK-BP, said.

“We welcome our partnership with TNK-BP, one of the leading Russian oil companies, which is aimed at identifying and implementing joint oil and gas projects in Iraq. IOCOI enjoys vast opportunities in transport and logistics business and is interested in entering the Iraqi oil sector. We are also interested in delivering necessary consulting support in the framework of the activity of the joint venture in Iraq”, Mustafa A.W.M.Al-Bunnia, General Manager of IOCOI, said.


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