March 29, 2018 / 9:21 AM / a year ago

Iraq to exclude oil by-products from companies' profit in new contracts

BAGHDAD, March 29 (Reuters) - Iraq will exclude oil by-products such as liquefied petroleum gas and dry gas from foreign oil companies’ revenues in new contracts expected to be awarded in June, an oil ministry official said.

The decision will effectively reduce the companies’ fees from production. Oil producers in Iraq currently receive a fee from the government linked to production increases, which includes crude and oil by-products.

Iraq has invited foreign companies to bid for contracts to explore and develop petroleum reserves in 11 new blocks as the OPEC nation seeks to boost its output capacity. (Reporting by Moayed Kenany; Writing by Maher Chmaytelli; Editing by Susan Fenton)

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