Former Iraqi Prime Minister Iyad Allawi, has said that his country will honour the deals signed with major global oil firms recently and would look to pass a new hydrocarbons law quickly if his bloc forms the government.
Allawi’s bloc won the greatest number of seats in the March 7 election and has revealed that some of the deals might need some minor adjustments as he wanted to see more competition in the country’s energy sector, Reuters has reported.
“We are going to honour all contracts. We are going to honour all agreements because we believe this is very important,” Allawi told Reuters in an interview.
Allawi said that he will move quickly to install a hydrocarbons law to govern the industry: “It will definitely be a priority,” Allawi said. “It won’t take us long.”
Firms which have signed deals with Iraq in recent months include Exxon Moil, Royal Dutch Shell and Lukoil.
