Iraqi oil minister hopes to attract foreign investments

[postcon]

(MENAFN) Iraq's new oil minister intends to design clear laws so as to attract billions of dollars in foreign investment and vowed to promote a culture of transparency in the country's troubled oil industry, Reuters reported.

The minister pointed out the importance of a new investment law to reassure the big oil companies so that they work in Iraq.

http://www.menafn.com/qn_news_story_s.asp?StoryId=1093114018

[trusty]

Another link.

Tuesday, May 23, 2006

Iraq to Lobby Oil Majors for Investment
Iraq's God-given natural resources are huge and, if we can use and develop them properly, could put Iraq on the level of the richest countries in terms of income.

"They say Iraq has the second largest reserves in the world, but I think Iraq is really the first because there has been no exploration or investment for all these years."

Iraq has more than 112 billion barrels of proven reserves, second only to Saudi Arabia, but potential reserves could be double that, given the lack of exploration in recent decades.

"The government will strike with an iron fist anyone who wants to attack the oil sector in the future," he said.

http://www.rigzone.com/news/article.asp?a_id=32407 (http://www.rigzone.com/news/article.asp?a_id=32407)

Trusty

[Lonestar]

That's what I am talking about. Lets get the oil pumping at a faster rate.