SmarTrend(R) News Watch: Sandstorm Delays Iraqi Oil Contracts
Sun. June 28, 2009; Posted: 04:31 PM
Jun 28, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- Iraqi Oil Ministry spokesman Asim Jihad said that the country's awarding of oil contracts to foreign companies will be delayed by a sandstorm that closed Baghdad airport, and will commence June 30 instead of tomorrow, according to a Bloomberg report. Eight of the top ten non-state oil producers are competing for the contracts, vying to collect fees for developing deposits without taking stakes in any fields. Royal Dutch Shell (NYSE:RDS) and Exxon Mobil (NYSE:XOM) are among more than 30 companies bidding for $16 billion worth of service contracts for developing six oilfields and 2 natural-gas deposits.
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