Baghdad: Iraqi Oil Minister Hussain Al Shahristani, the architect of deals with oil majors that could vault Iraq into the top ranks of global producers, will keep his job in Iraq's new government, senior officials said on Saturday.
Shahristani led the oil ministry as it set Iraq on an ambitious path to boost its production capacity to 12 million barrels per day (bpd) in the next six or seven years, rivalling global leader Saudi Arabia, from 2.5 million bpd now.
Iraq needs to boost oil revenues to rebuild damaged and neglected infrastructure after years of war and international economic sanctions. Crude exports account for 95 per cent of its federal budget.
"The minister of oil will stay in his place as the minister of oil," said Abdul Hadi Al Hassani, an official with Prime Minister Nouri Al Maliki's Dawa party and former deputy leader of parliament's oil and gas committee.
A source close to Shahristani confirmed the minister would remain in office rather than take a post as deputy prime minister in charge of energy affairs.
"Hussain Al Shahristani shall keep his position as oil minister in the next government," the source said. "Prime Minister Nouri Al Maliki is strongly backing him to keep his position," he added.
Shahristani had been under consideration for deputy prime minister with responsibility for the oil, electricity and other energy portfolios but did not think the new job would give him enough influence, a senior member of Al Maliki's negotiating team said.
"The prime minister has a desire to let Shahristani be deputy prime minister for power affairs but Shahristani thinks that the minister will be the owner of the final decisions in his ministry," the source said.
Once a nuclear scientist at Iraq's Atomic Energy Commission, Shahristani said this week he expected to have a say in the development of a nuclear programme in Iraq.
