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Iraq to sign major oil exploration contracts
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It's reported that Iraq, one of the OPEC members will sign initial contracts this month with three foreign companies that won deals to explore oil and gas blocks.
The country looks to attract more foreign investment to develop its energy sector and is planning to open up more rounds for additional oil and gas blocks for auction.
It is expected to be the world's biggest source of new oil supplies over the next few years after signing contracts with international oil companies.
According to Mr. Abdul Mahdy Al Ameedi, Director of the oil ministry's contracts and licensing directorate, the contracts will be signed with Pakistan Petroleum, Kuwait Enbergy and Russia's Lukoil Gorup on July 15th through the 17th this year.
News Date
7/2/2012 4:03:45 PM
reported by
Ren Jhuang
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