Iraq comes clean on oil revenueSeptember 2008
Iraq is to join the Extractive Industries Transparency Initiative (EITI), which promotes disclosure of revenue payments by oil, gas and mining companies to officials in developing countries.
With 11 per cent of the world’s supply, Iraq, the 22nd nation to join the EITI, is the country with the largest proven oil reserves to sign up.
New legislation on the regulation of foreign investment in Iraq’s oil industry is being drafted, and the Iraqi government expects the EITI ‘to sit within this regulatory framework’. It will now appoint a senior official to lead its work on the EITI.
Around 40 international companies are currently bidding for contracts to redevelop Iraqi oilfields in an effort to meet an oil ministry target of doubling production to five million barrels a day within five years.
Deputy prime minister Barham A. Salih said the government had signed so the Iraqi people could ‘enjoy the full benefit of this [oil] wealth rather than it becoming a curse as happened so many times in the past’.
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