Iraq unhappy with oil tenders

China News.Net
Thursday 2nd July, 2009

Iraq says new offers from foreign companies to develop the country's oil and gas fields were rejected after an international tender this week.

The government has said the offers were rejected when tendering firms did not agree to the fees Iraq is willing to pay them for extracting the oil and gas.

The country had hoped to award contracts to six oil fields and two natural gas fields by the end of this week.

Iraq has the world's third-largest known oil reserves, which it has been promoting to entice foreign investors back into the country.

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