Iraq's cabinet has approved a contract with South Korea's KOGAS to develop the Akkas gas field in western Anbar province, an oil ministry source said on Tuesday. The cabinet approved the deal on September 13, and the source said it will be signed on October 15. Iraq asked KOGAS to develop Akkas, the country's largest gas field, on its own after Kazakh company KazMunaiGas pulled out.
The two companies were awarded the development contract in a bidding round last year. State-run KOGAS announced in May it had raised its stake in Akkas to 100 percent after KazMunaiGas pulled out. "The contract has been approved by the cabinet and we will sign it, finally, on October 15th," the oil ministry source said.
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