Russia's Rosneft and the Kurdish Regional Government (KRG) signed a gas development agreement for the KRG region on Friday during the 22nd St. Petersburg International Economic Forum.
The agreement will ensure that the parties will detail an integral, stepped plan to develop gas trade within the KRG.
One step in this plan is to conduct a pre-FEED - the development of pre-defined design package to prove the technical and economic feasibility of the Iraqi Kurdish region's gas pipeline construction and operation.
'This is a key project to the monetization of the exploration and production opportunities Rosneft has been evaluating since signing a gas cooperation agreement with the KRG at the 10th Eurasian Economic Forum in Verona on Oct.19, 2017,' Rosneft said.
Following the outcomes of the integral development plan for attractiveness and efficiency of available options, Rosneft will then decide on how to participate in the regional gas business.
By Huseyin Erdogan