Mubasher: Kuwait and Iraq are planning to enter into an agreement for oil import and the development of shared oil fields by the end of 2018, Kuwait’s oil minister Bakhit Al-Rashidi said on Wednesday, according to the Kuwait News Agency (KUNA).
Both countries will appoint a consultancy firm to advise on the building of the joint oil fields, he added.
“The shared oil fields project aims at producing oil from border fields. Oil should be extracted by one company and one team, production will be shared and the cost will be split between the two sides,” Al-Rashidi stated.
The minister said that both counties were in talks to launch a project that links Iraq's electricity grids to those of the GCC.
“There will also be a project in the future for an electricity link between Iraq and Turkey, thus achieving a linkup between the GCC and Europe,” Al-Rashidi went on to say.
In 2017, the Kuwaiti government said it had reached a preliminary deal with Iraq on the prices at which Iraq’s Rumaila field will supply gas to a petrochemical project in Kuwait.