Shell and Iraq agree on new energy deal

Iraq agreed on a $17bn contract over the next 25 years with Royal Dutch Shell and Mitsubishi to capture gas at the deposits in the South of the country. It is the largest deal Iraq has agreed on with a foreign company and it is expected to increase energy production as currently a lot of gas is wasted because of lack of infrastructure. The venture is named as Basra Gas Company, with Iraq having a 51% stake, Royal Dutch Shell's 44% and Mitsubishi 5%.