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Iraq Invites Oil Firms for Development Deals

HeadlineFeb 06, 2008

The Iraqi government is opening the door to major international oil firms despite a parliamentary stalemate over a controversial US-backed oil law. In an interview with the Financial Times, Iraq’s oil minister said companies are submitting applications for licenses that will lead to the first oil development contracts next year. Several multinationals have already entered in technical support deals. But the new contracts would mark the first time they’re offered a major role to tap into Iraq’s reserves.

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