Indian companies to develop Iraqi oilfields
Two Indian companies will jointly develop an oil field in Iraq. Reliance Industries and state-owned Oil and Natural Gas Commission (ONGC) has been given approval by Baghdad to develop a 14,000 sqkm (5,600 sqml) oil field. Officials of the two companies flew to Iraq to sign the agreement. Discussions for the agreement were initiated at an international energy conference held last month in the Indian resort state of Goa. A newspaper said Iraq approved the deal because of India's sympathetic attitude during the Gulf War and due to long-standing good diplomatic and political relations.