Iraq: Ready for the rip-off of oil wealth
reuters: Iraq is ready to move swiftly in negotiating multi-billion-dollar oilfield contracts with international majors and can sign deals before an investment law is passed by the government, a top oil official said on Friday.
The Iraqi oil sector has been crippled by attacks on energy installations, political wrangling, lack of funds and mismanagement since the U.S.-led invasion in 2003. To reverse output declines, it needs to ensure the flow of funds and restore security to allow for maintenance and development.
"The investment law could take some time and we are not prepared to wait for that long," Shamkhi Faraj, director general of marketing and economics at the ministry of oil, told Reuters.
"I think (negotiations) can happen very fast. I am confident that we can do our own legislation within the contract itself to assure the investors that if any new regulation comes through it will not affect them," he added. Read more
The Iraqi oil sector has been crippled by attacks on energy installations, political wrangling, lack of funds and mismanagement since the U.S.-led invasion in 2003. To reverse output declines, it needs to ensure the flow of funds and restore security to allow for maintenance and development.
Crude Designs:
The Rip-Off of Iraq's Oil Wealth
By Greg Muttitt
"I think (negotiations) can happen very fast. I am confident that we can do our own legislation within the contract itself to assure the investors that if any new regulation comes through it will not affect them," he added. Read more
posted by exoplanet at 7:35 PM
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