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Investing.com -- BP (NYSE:BP), the oil giant, is projected to invest between $20 billion and $25 billion in the redevelopment of four oil and gas fields in Kirkuk, according to a Tuesday report by Reuters. This investment, expected to be spread over the duration of the project, signifies a significant move for Iraq, which has been working to attract foreign investment back into the country.
The deal, which could be finalized in the upcoming weeks, will mark a significant milestone for Iraq. The country’s output has been severely limited due to ongoing issues such as war, corruption, and sectarian tensions.
Reuters report states that BP’s investment would be spread over a profit-sharing agreement lasting more than 25 years. This long-term commitment from BP showcases the potential for future foreign investment in Iraq’s oil and gas sector.
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