farquar
06-11-2006, 07:18 AM
Foreign Investment in Iraqi oil sector welcomed
Shahristani said his ministry expects to start contract talks with international oil companies during 2006.
"We hope that before the end of this year, negotiations with international oil companies would start, to develop Iraq's oil fields," he said.
He said about $20 billion in investment is needed in Iraq's oil sector over the next six years.
"A lot of companies have told us that they are ready to start investment, but we are waiting for the enactment of a new oil and gas law," Shahristani said.
The ministry is writing a draft oil and gas law, he said. "Such a law needs to be ratified by the parliament. We hope that the law would be enacted by the end of this year." http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20060611\ACQDJON200606110510D OWJONESDJONLINE000219.htm&selected=9999&selecteddisplaysymbol=9999&StoryTargetFrame=_top&mkt=WORLD&chk=unchecked&lang=&link=&headlinereturnpage=http://www.international.na
Shahristani said his ministry expects to start contract talks with international oil companies during 2006.
"We hope that before the end of this year, negotiations with international oil companies would start, to develop Iraq's oil fields," he said.
He said about $20 billion in investment is needed in Iraq's oil sector over the next six years.
"A lot of companies have told us that they are ready to start investment, but we are waiting for the enactment of a new oil and gas law," Shahristani said.
The ministry is writing a draft oil and gas law, he said. "Such a law needs to be ratified by the parliament. We hope that the law would be enacted by the end of this year." http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20060611\ACQDJON200606110510D OWJONESDJONLINE000219.htm&selected=9999&selecteddisplaysymbol=9999&StoryTargetFrame=_top&mkt=WORLD&chk=unchecked&lang=&link=&headlinereturnpage=http://www.international.na