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| Iraq |
| Iraq approves oil deals with foreign energy firms |
| 2010-01-07 |
| [Al Arabiya Latest] Iraq has approved all pending deals with foreign energy firms over oil fields auctioned last year, paving the way for more than 100 billion dollars in investment, the oil ministry said Wednesday. The nine contracts, which will be officially signed soon, will dramatically ramp up Iraq's oil output in the coming seven years and could make it one of the world's biggest crude producers, providing much-needed revenue for a country in dire need of rebuilding. "All of the contracts have been agreed by the cabinet," oil ministry spokesman Assem Jihad told AFP. "More than 100 billion dollars will be invested by these companies." Jihad said the government had introduced what he described as minor legal amendments to the contracts, but declined to specify what changes had been made. He said the oil ministry had received official documents from Anglo-Dutch giant Shell, Malaysia's Petronas, Japex of Japan and Angola's Sonangol giving their assent to the changes. Once the ministry receives similar documents from firms working on three other fields, "we will set a date to hold a ceremony for all the companies to put down their final signatures." |
| Posted by:Fred |
| #1 I haven't heard much liberal screeching lately about how the war in Iraq was all about oil. Have they conveniently forgotten? |
| Posted by: gorb 2010-01-07 10:36 |