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Iraqi oil minister seeks investment, offers contracts

04/06/2009
Iraqi Oil Minister Hussain Al-Shahristani, in a wide-ranging interview with Arab media in Paris, said his country’s oil industry needs $50 billion in investment over the next 5-6 years, with much of it expected to come from international oil companies (IOCs).Iraq wants complete transparency in dealings with IOCs, Al-Shahristani said. And they will all be treated equally, he told the UK-based Al-Sharq al-Awsat newspaper in an exclusive interview. The minister criticized the Kurdistan Regional Government (KRG) for concluding contracts with IOCs and blamed them for operating in Iraq without the central government’s approval (see map, OGJ, Oct. 1, 2007, p. 36).The minister was in ...
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