Iraq, seeking to boost power output after years of conflict and sanctions, completed the final accord for a $17 billion project with Royal Dutch Shell PLC and Mitsubishi Corp. to capture natural gas from its oil fields.
Shell Chief Executive Officer Peter Voser, Mitsubishi Senior Vice President Tetsuro Kuwabara and Iraqi Oil Minister Abdul Kareem Al-Luaibi signed the agreement to save and produce the gas, which is currently being flared off in southern Iraq.
"This is a new chapter in the gas industry in Iraq," Voser said Sunday at a ceremony in Baghdad.