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Granting new incentives for companies to attract foreign investment
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Translated by IRAQdirectory.com - [3/21/2009]
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The Iraqi government is considering the possibility of granting new incentives for companies to attract foreign investment, in order to increase oil production.
The American (New York Times) paper quoted to officials in the Oil Ministry confirming that the incentives include plans to provide the majority of shares in joint ventures for developing oil and gas fields.
The Iraqi officials confirmed that foreign companies may acquire more than 75% of shares in the new projects.
The Ministry of Oil has offered no more that 49% of shares to these companies during the negotiations that took place with them.
It is worth noting that Iraq had demanded international companies to participate in the expansion of oil production, but many companies were questioned in terms of agreement with Iraq, claiming that it lacks adequate incentives, but the situation has now changed drastically after the remarkable improvement in security.
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