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
  • Gulf News

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".

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Oil & Gas

  1. DME crosses one billion barrels mark

  2. Oil may rise this week as dollar's plunge continues

  3. Mideast crude down on Qatar, Murban supply

  4. Oill prices fall below $76

All articles in Oil & Gas

More from Business

Gulf News
Popular in Business
Airlines in the region
Budget travel

Airlines in the region

Take a pictorial look at some of the budget airlines in GCC

Business Editor's choice