Oil ministry to announce service contracts by May

BAGHDAD / IraqiNews.com: The Iraqi Ministry of Oil on Saturday announced that it reached the final stages of the first leg of the competition related to service contracts, explaining that it will announce the winning companies next May. “The Ministry is moving ahead in its plan to contract with companies for service not partnership,” Asim Jihad, the Ministry’s official spokesperson, told IraqiNews.com news agency. He pointed out that “Ministry’s companies would get 51 percent of the profits coming out of each of those contracts, while 49 percent will go the winning companies.” MH (P)/SR 1