Iraq finalizes oil deal with Shell

Contract for Majnoon becomes the second of an expected 10 oil deals to be signed with the world largest oil companies to develop the world's largest oil fields.

BAGHDAD - Iraq's oil minister and officials from Royal Dutch Shell and Malaysia's Petronas made official Sunday the contract to drastically boost production in Iraq's Majnoon oil field.

The signing took place in the same theater venue in Iraq's Oil Ministry headquarters where in December it awarded seven oil fields to the highest bidder.

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