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The vice president of the USA has advised the Iraq government to be more flexible when negotiating terms with foreign oil companies when the second round of auctions for contracts to develop Iraqi oilfields are held.
A senior US official, who declined to be named, is quoted by AFP as saying that Joe Biden “made clear that the next round of bidding on oil concessions should be made on more generous terms to attract more outside interest,”
The official is also quoted as saying that “even one other deal would mean US$50 to $60 billion in additional investment in Iraq, $$00 million dollars in additional annual revenue, and tens of thousands of additional jobs.”
“Ultimately, in our judgement, it’s in the interest of every Iraqi to accept a smaller piece of a much bigger pie,” he added.
Biden is also said to have pushed Iraq to vote on a new oil law in the country believing it to be in the best interests of the country.
