Business | Oil & Gas
Iraq will pay cash to oil companies, says minister
Iraq will pay the winners of a tender to boost production from existing oil fields in cash, Oil Minister Hussain Al Shahristani told Al Arabiya television.
- Bloomberg
- Published: 00:15 June 29, 2008
Nicosia: Iraq will pay the winners of a tender to boost production from existing oil fields in cash, Oil Minister Hussain Al Shahristani told Al Arabiya television.
Paying in cash rather than physical oil will ensure that the nation's natural resources remain the property of the Iraqi people, Shahristani said in an interview with the Dubai- based television station.
The oil companies said they preferred to be paid from oil production, he said.
Iraq will release on June 30 details of the contracts to be offered and the fields, Al Arabiya said. Shahristani described the contracts as "service agreements".
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
