TNK-BP Holding and the Iraq Oil Company for Oil Investments (IOCOI) have inked an agreement to set up a joint venture to study potential projects to acquire, manage and develop oil and gas fields in Iraq, TNK-BP reported in a news release. TNK-BP has qualified in the Iraq Oil Ministry for access to oil and gas projects. "Iraq is one of the leading oil producing companies in the world. We welcome the establishment of a joint venture with IOCOI and part of the companies in the HMBS group which has wide-ranging abilities on the Iraqi market and which has a 100-year history", acting TNK-BP Chair Mikhail Fridman said.
"We welcome a partnership with TNK-BP, a leading Russian oil company, to study and carry out joint oil and gas projects in Iraq. IOCOI has a range of abilities in logistics and transport and is interested in joining the Iraqi oil production sector and also providing needed consultation as part of the joint enterprise in Iraq", IOCOI General Director Mustafa al-Bunnia said.
