Iraq will not use foreign firms to develop its oilfields beyond those auctioned off last year, the Prime Minister of the country has revealed.
Nuri al-Maliki, speaking at a rally ahead of a national election next month, said the country should start developing its own national oil firms, rather than relying on foreign companies.
“I told the oil minister during a cabinet meeting that we will never sign any more contracts with foreign oil companies,” Maliki said.
“We will depend on our national companies in developing our oilfields,” he added.
Maliki also warned of the dangers of “staying captive in the hands of foreign oil firms”
It is thought the Prime Minister’s statement may come as a worry to the international oil giants which signed deals in the country last year. It was thought that these firms accepted relatively harsh terms in order to get an initial presence in the country, with further deals in the future in mind.
