Iraq Oil Contract Framework To Be Set By Mar 15 -Document

[maddezmom]

Iraq Oil Contract Framework To Be Set By Mar 15 -Document



By Hassan Hafidh, Of DOW JONES NEWSWIRES

Iraqi officials must first agree the framework of contracts to be used when negotiating with foreign oil companies by March 15 if the country's draft hydrocarbons law is to be submitted to parliament for its approval, according to a cabinet document seen by Dow Jones Newswires.

The draft hydrocarbon law, seen as essential to spur development of the country's ageing and conflict-damaged energy industry, was endorsed by the Iraqi cabinet on Feb. 27 and it referred in general terms to the types of contracts that Baghdad and regional governments could sign with foreign companies.

The contracts include those covering services and exploration risk, as well as Iraq's equivalent of production-sharing agreements.

"The oil and gas law and their four appendixes will be presented to the council of deputies after agreeing on general conditions and principles of contract models," the document says.

more: http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20070304%5cACQDJON200703040616DOWJONESDJONLINE000282.htm&

[annabanana]

1. As THIS was the real reason for the war, you'd think

there'd be more general coverage, right?

(ri-i-i-i-ight)

[soothsayer]

2. the puppet govt is giving away 75% of the profits, right?

the iraqi people get screwed, natch.

[Supersedeas]

3. to the victor goes the spoils