Iraq Signed Oil Contracts of $600

The Iraqi government in Baghdad signed some $558.3 million worth of contracts with international companies to upgrade its downstream and upstream oil facilities.

The oil ministry also said only 18.5% of the money allocated by the national budget as capital investment in the oil and gas sector was spent between January and the end of October 2007.

The ten contracts listed by the ministry covered work to upgrade Baghdad and Basra refineries, drilling and rehabilitation of 180 wells in West Qurana and North Rumaila oil fields in southern Iraq, the site said.

The value of the two contracts to upgrade Baghdad and Basra refineries were $133 million. Contracts to drill new wells and rehabilitate others were valued at $115 million. A $65 million contract was signed to purchase three oil tankers for the Basra-based Iraqi oil tankers company.