Iraq condemns oil majors’ ”humanitarian” failure

MOSCOW (Reuters) – A top Iraqi official on Wednesday attacked oil majors for trying to overcharge the war-torn nation and ignoring their “humanitarian” duty to help develop Iraq’s battered oil industry.

“Foreign companies, including Russian companies, have not taken up the call to develop these projects. As a result of them not wanting to work in these conditions, the Iraqi people have suffered greatly,” Karim Waheed, Iraq’s electricity minister, said at a news conference in Moscow.


The attack came after Iraq delayed the signing of short-term oil service contracts with oil majors due to disagreements over payment terms and their duration.

Iraq and major international oil companies have been negotiating six short-term technical service contracts, each worth about $500 million and targeting a 100,000 barrels per day increase in output from six of Iraq’s biggest oilfields.

Reuters