Foreign firms will get less than $1 per barrel – oil minister

BAGHDAD / IraqiNews.com: Foreign firms investing in the oil sector will get less than $1 per each additional barrel, the Iraqi oil minister said on Tuesday. Minister Hussein al-Shahrestani said that three oil contracts have been approved according to the first round of oil investment permissions. “Oil production in each contracted oil field is expected to exceed six million barrels per day,” al-Shahrestani said in a press conference in Baghdad. He said that his Ministry is determined to preserve Iraqi people’s interests. “Companies will get back those projects’ costs without interests,” he said. MH (P)/SR 1