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Japan's Arabian Oil renews oil deal with Iraq

TOKYO, Oct 3 (Reuters) - Japan's oil developer Arabian Oil Co. said on Tuesday it will continue providing technical assistance to Iraq under a new agreement with the country's oil ministry.

Under the deal, which is similar to one struck last year, Arabian Oil, a unit of AOC Holdings Inc. , and Iraq will jointly set up a development plan for the giant Tuba oil field in southern Iraq.

Arabian Oil will also help with the technology for upgrading heavy crude oil to produce lighter products, AOC said in a statement.

Iraq has the world's second-largest crude oil reserves after Saudi Arabia.

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