Oil companies old contracts must clear Iraq's new law
Iraq-India, Economics, 5/28/2007

Visiting Iraqi oil Minister Friday said the oil fields awarded by the previous Saddam Hussein regime to Indian companies will have to clear the new law that the oil rich nation plans to pass in two months.

"We do want Indian entities to explore in our country. Iraqi government is, however, passing a new law and all contracts or oil field awarded previously will have to be vetted under the new law," Iraq Oil Minister Hussein al-Shahristani told reporters after meeting Prime Minister Manmohan Singh.

India is keen on starting work on onshore block 8, that was awarded to ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corp (ONGC), by the deposed Saddam Hussein regime.

It also wants the US-back government in Iraq to honor award of Tuba oil field to a consortium of OVL, Reliance Industries and Sonatrach of Algeria. The consortium was shortlisted by the Saddam Hussein regime before the US invasion of Iraq.

Iraqi minister said the law has been passed by the cabinet and it would now go to parliament for approval, which would take a couple of months.

Iraq, which holds the world's second largest oil reserve, is keen on Indian companies building new refineries and revamping old ones, he said.

Baghdad has invited Indian companies to build two refineries in Kirkuk and Missan each with a capacity of 100,000 barrels per day.

Previous Stories:
  US outlines plans to rebuild Iraq   (1/27/2007)
  Iran non-oil exports to Iraq near 1 billion dollars   (1/13/2007)
  Oil minister declares reluctance to export gas to UAE   (12/23/2006)
  Indian wheat exports resumed to Iraq   (10/12/2002)
  India to resume wheat exports to Iraq   (9/7/2002)
  Indian business delegation to visit Iraq   (7/5/2002)

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