• Most Popular
  • Most Shared

UPDATE 1-No deal on Kurdish contracts-Iraq oil min official

Wed Apr 16, 2008 4:50am EDT

Stocks

   

(Adds quotes, details)

BAGHDAD, April 16 (Reuters) - Iraq's central government has not reached a deal with the Kurdish regional authorities to recognise contracts the Kurds signed with foreign oil companies, a senior Iraqi Oil Ministry official said on Wednesday.

"The Iraqi Oil Ministry considers the contracts signed by the Kurdish regional authorities as illegal and void," the senior official said, adding he was "astonished" by reports that suggested otherwise.

Unconfirmed media reports that Baghdad had agreed to accept the contracts signed by the Kurds had caused share prices in Norwegian oil firm DNO (DNO.OL) to soar earlier on Wednesday. The firm has signed such contracts with the Kurdish authorities.

The official said the Kurdish contracts are the main stumbling block to agreeing a draft national oil law that will open up the country's energy sector to foreign investment.

"The main reason for not reaching an agreement on the draft oil law is the Kurdish contracts." (Reporting by Ahmed Rasheed; writing by Peter Graff)



More from Reuters

An image of U.S. President Barack Obama is seen in an exhibition at the Nobel Peace Centre in Oslo December 9, 2009. Two leading international human rights groups gave Obama mixed reviews on his human rights record on Wednesday, a day before he is slated to accept the 2009 Nobel Peace Prize in Oslo. Human Rights Watch and Amnesty International urged Obama to use his acceptance speech on Thursday to renew U.S. leadership on human rights after its position was undermined by abuses committed during the Bush administration's war on terrorism. REUTERS/Chris Helgren

Copenhagen: What of Obama?

President Barack Obama’s decision to attend the climate talks in Copenhagen is said to show the White House is serious about pursuing a deal to curb global warming. What should Obama commit to on climate change? Share your views.  Full Article | Related Story 

    Climate Conference
    Tom Metzold, Vice President of Eaton Vance Management and Senior Portfolio Manager at Eaton Vance, speaks at the Reuters Global Media Summit in New York, December 9, 2009. REUTERS/Brendan McDermid

    "Everything's not hunky-dory"

    Did the worst downturn in 70 years leave a permanent scar? Top money managers like Tom Metzold examines how a "new normal" will shape things to come.  Full Article 

    Investment Outlook Summit

    "There will be times when nations...will find the use of force not only necessary but morally justified."

    President Barack Obama,
    during his acceptance speech for the Nobel Peace Prize
      Barack Obama