11 February 2000 Iraq’s decade of non-participation in Opec may be coming to an end. The pariah state – which plans to produce 6 million barrels per day within 10 years of United Nations sanctions against it being lifted – has indicated that it intends to reassert itself as a fully functioning member of the organization. Iraq’s approach is two-pronged. It wants an Iraqi official installed in high office in…
Author: Ruba Husari
IOF Editor
Iraq Kicks Off Buyback Contract Negotiations
25 February 2000 Iraq has finally started negotiations on its first modified buyback agreements, offering contracts with an average term of 12-15 years to a number of Asian companies – including Malaysia’s Petronas, which is discussing a deal for the 200,000 b/d Ratawi field. Iraq believes buyback contracts may prove easier to implement than production-sharing contracts (PSCs) once United Nations sanctions prohibiting investment are lifted. “We want something we can…
Not-So-Blind Eye
21 April 2000 For years, Iran turned a blind eye as Iraq smuggled thousands of barrels of oil a day across the Iranian part of the Shatt al-Arab waterway into the Gulf. No longer. A combination of factors, including Tehran’s very understandable desire to protect its own interests, has prompted a well-publicized clampdown on the illegal trade, leading Tehran to seize 10 vessels in one 24-hour period two weeks ago….
Neighborly Trade
23 June 2000 Iraq’s trade relations with its Arab neighbors are flourishing. Businessmen from around the region are flocking to Baghdad. Bustling trade fairs reminiscent of the days before sanctions are back. Viewed regionally, economic sanctions seem to be crumbling, as Iraq wends its way back into the Arab economic – although not yet the diplomatic – arena. Since the inauguration of the United Nations oil-for-Food program in 1996 first…