IN BRIEF (Page 13)

JV to develop Iraq oilfield

The consortium led by State-owned oil major PetroChina will develop the Halfaya Oilfield in Iraq for the next 20 years. An agreement to this effect was signed with the Iraqi government yesterday.

PetroChina will hold a 37.5 percent stake in the venture, while Total, Malaysia's Petronas and Iraq's South Oil Company will own 18.75 percent, 18.75 percent and 25 percent respectively.