Iraq Poised To Open Doors To Giant Oil Companies

Law360, New York (January 8, 2007, 12:00 AM EST) -- Iraq’s colossal oil reserves, closed for over 30 years, will soon open to Western companies under a controversial new law expected to come before the Iraqi parliament in the next few days.

Heavily pushed by the United States and the United Kingdom, the law will give oil companies 30-year contracts to extract crude oil from the third-largest oil reserves in the world.

An early draft leaked to British newspaper the Independent showed that the law would offer big oil companies – such as Shell, ExxonMobil and...
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