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Iraq oil deals signed under Saddam and the
Kurdistan authorities up for review
9.8.2007
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August 9, 2007
MOSCOW, -- Iraq's oil minister said that
Russian companies or any other foreign companies
will not receive special rights or privileges in
tapping Iraq's massive energy assets, a Russian news
agency reported Wednesday.
All contracts concluded by foreign oil companies
with Saddam Hussein's regime and the Kurdistan
authorities will be reviewed in line with Iraq's new
legislation, the Iraqi oil minister said Wednesday.
"A draft oil law stipulates that any contract
concluded with the previous regime or the Kurdistan
autonomy must be reviewed and brought in line with
the new law," Hussain al-Shahristani said on arrival
in Moscow.
He said all contracts must meet a number of
conditions, primarily recognize Iraq's sovereignty
and its right to control its own mineral resources.
"They also include environmental protection and
training programs for Iraqi personnel working in the
oil and gas sector. |
Hussain Ibrahim Saleh al-Shahristani is the current
Iraqi Minister of Oil |
If all of these
conditions are met, previously concluded contracts
will stand," the minister said, adding that work on
the new oil law will continue in September, after
the parliamentary recess.
Asked what opportunities will be open to Russian
companies once the law is adopted, the minister
said: "Iraq is not imposing national quotas. The new
law will lay the foundation for free and transparent
competition."
Al-Shahristani is scheduled to meet with energy
minister Viktor Khristenko on Thursday.
Iraq has the world's second largest proven oil
reserves, 112 billion barrels, after Saudi Arabia.
The country's probable oil reserves are around 200
billion barrels.
rian ru
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