Iraq Seeks Boost In Oil Output
Official: Iraq Nears Pact Allowing Major Foreign Investment In Oil Sector
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An Iraqi worker operates a valve at the oil pipeline near Basra, Iraq. (AP)
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Barham Saleh said that Iraqi leaders were nearing agreement on a long-awaited hydrocarbon law that would allow potentially huge investments by foreign companies in Iraq's oil sector.
Saleh said he expected the law setting ground rules for managing Iraq's huge petroleum reserves would be approved in parliament by year's end.
Foreign oil companies, with their huge investment clout and latest technology, were best placed to quickly modernize Iraq's oil sector and double the current crude production of 2.5 million barrels per day by 2010, the deputy prime minister said.
"We need to engage with the major oil companies who will bring in investment as well as technology," Saleh told reporters on the sidelines of a conference of international donors in the Emirates capital Abu Dhabi. "We need to change the way we run the oil sector in Iraq."
The lack of a legal framework governing investments and ownership of the country's oil resources has hampered foreign investment in the sector.
In other developments:
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