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FINANCIAL NEWS
Iraq pre-qualifies Swiss Glencore, Vitol to bid for oil fields
09 Sep 2011
(MENAFN) The Iraqi oil ministry said that the government pre-qualified both Glencore and Vitol to bid for oil exploration rights in the country the coming January, reported Reuters.
The ministry added that the world’s two main oil trading firms were among six new companies pre-qualified bidders for twelve exploration blocs, moreover, around 47 firms were competing to gain licenses for oil exploration.
It also said that Iraq planned to raise its oil production capacity to 12 million barrels per day (bpd) in 2017 from the current 3 million bpd.
It is worth noting that Glencore has equity stakes in oil and gas production sharing contracts offshore Equatorial Guinea, West Africa, while Vitol has exploration and production assets in the Former Soviet Union, Southeast Asia and West Africa. Both companies are headquartered in Switzerland.
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