Iraq Minister Says Japan Wanted in Oil Projects, Nikkei Reports

By Kanoko Matsuyama

March 14 (Bloomberg) -- Iraq wants Japanese companies to help develop its oil fields, the Nikkei newspaper reported, citing an interview with Iraqi Oil Minister Hussain al- Shahristani.

The Mideast nation is studying technical details of proposals for development of its Nasiriyah field and a refinery, Nikkei cited Shahristani as saying.

Two European alliances led by Italy’s Eni SpA and Spain’s Repsol YPF SA and a Japanese group comprising Nippon Oil Corp., Inpex Corp. and JGC Corp. are competing to develop the field in southern Iraq with an estimated daily output of 300,000 barrels, Nikkei said.

Iraq will name a developer for the project, which is expected to cost as much as 1 trillion yen ($10 billion), as early as April, after receiving estimates this month, the report said, citing the oil minister.

To contact the reporter on this story: Kanoko Matsuyama in Tokyo at kmatsuyama2@bloomberg.net.