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FINANCIAL NEWS
Iraqi government Okays oil, gas contracts for three firms
26 Sep 2012
(MENAFN) The Iraqi cabinet has Okayed oil and gas contracts awarded to foreign firms in a May auction, as it seeks to increase foreign investments to develop its energy sector, Reuters reported.
Government spokesman Ali al-Dabbagh said that the cabinet approved an initial gas exploration contract with Pakistan Petroleum for gas block 8 and another deal with a group led by Lukoil to develop Iraq’s oil block 10.
The cabinet also approved an initial deal with Russia’s Bashneft to develop Iraq’s oil block 12, he added.
He also said that there are plans to launch further bidding rounds for additional oil and gas blocks.
Iraq is slowly rebuilding its economy after years of war and sanctions concluded with the US invasion in 2003. Officials say it needs foreign investment in virtually every sector to improve its infrastructure.
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