TNK-BP and IOCOI Establish a Joint Venture to Develop Fields in Iraq

06 May 2010 – oilvoice

TNK-BP Holding and Iraq Oil Company for Oil Investments (IOCOI) have signed an agreement to establish a joint venture aimed at identifying potential projects to acquire, develop and operate oil and gas fields on the territory of Iraq.

The two companies will consider joint acquisition of fields with commercial reserves within Iraqi provinces. TNK-BP has been qualified by the Ministry of Oil of Iraq to develop oil and gas projects.

‘Iraq is one of the world’s leading oil producing countries. We welcome the establishment of the joint venture with IOCOI, part of the HMBS group, which has a century-long history and a substantial opportunity set in the Iraqi market. TNK-BP is interested in the expansion of its international business; it possesses cutting-edge exploration and production technology, and world-class cadre required to identify and implement joint projects in Iraq’, Mikhail Fridman, interim Chief Executive Officer of TNK-BP, said.

‘We welcome our partnership with TNK-BP, one of the leading Russian oil companies, which is aimed at identifying and implementing joint oil and gas projects in Iraq. IOCOI enjoys vast opportunities in transport and logistics business and is interested in entering the Iraqi oil sector. We are also interested in delivering necessary consulting support in the framework of the activity of the joint venture in Iraq’, Mustafa A.W.M.Al-Bunnia, General Manager of IOCOI, said

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  1. […] TNK-BP and IOCOI Establish a joint venture to Develop Fields in … TNK-BP Holding and Iraq Oil Company for Oil Investments (IOCOI) have signed an agreement to establish a joint venture aimed at identifying potential projects to acquire, develop and operate oil and gas fields on the territory of Iraq. […]

  2. […] Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability. To discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing. Other points of interest related to this article TNK-BP and IOCOI Establish a Joint Venture to Develop Fields in … […]

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    […] Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability. To discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing. Other points of interest related to this article TNK-BP and IOCOI Establish a Joint Venture to Develop Fields in … […]