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BP & Shell Win Iraqi Oil Contracts; Shell Profits Up 82%

HeadlineJul 24, 2003

Oil giants BP and Shell yesterday signed two of the first long-term contracts to secure Iraqi oil. ChevronTexaco and ConocoPhillips are also believed to have won contracts. Under the deal, Iraq will export 20 million barrels of oil a month.

Meanwhile the Wall Street Journal reports net profits at the Royal Dutch/Shell Group have increased by 82 percent over the past year. The oil giant made $8.2 billion between January and July.

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