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Iraq reduces fees to stimulate oil auction
- Iraq: Wednesday, August 26 - 2009 at 12:47
Iraq has reduced signature bonuses in the hope that a second oil auction, to be held later this year, will prove more successful than the first. However, foreign oil firms may still be put off by the fact that they have to pay non-recoverable fees ion order to take part in the auction, Reuters has reported. Global oil companies were unhappy with the initial auction in June - the first since 2003 - after it became clear that Iraq was unwilling to pay anticipated fees to develop the country's oil fields. 'We expect a better matching between our expectations with what the companies are going to bid in the second round," Iraq's Oil Minister, Hussain al-Shahristani said.
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StaffWednesday, August 26 - 2009 at 12:47 UAE local time (GMT+4)
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