Irak may revise neftyanye contracts

The new Iraqi government, whose election is scheduled for January, may revise the terms of agreements with international oil companies to develop oil fields in the country, concluded with the current government, or cancel these agreements, warned the head of the Parliamentary Committee of Iraq.

"Oil companies that are planning to invest billions should be mindful of the large risk associated with these contracts. The new government at least change the terms of contracts and oil companies is no joy," - said the head of the parliamentary committee on oil and gas, Ali Hussain Balu.



"The oil companies have no guarantee that the new government will work with them in the same way. These contracts can be abrogated or at least revised," - added Ball, an outspoken critic of Iraq policy in the oil sector.

In the first round of bidding conducted by the Ministry of Oil of Iraq in June, was contracted to develop a single field, as the majority of bidders are not arranged the proposed conditions of Baghdad.

Iraq subsequently softened condition and may soon agree on a design for at least two major fields. Among the contenders for Iraqi oil - LUKoil, competing with the U.S. Exxon Mobil for the right to work on West Qurna oil field.

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