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[size=30]Iraq excludes secondary oil products from corporate profits in new contracts[/size]
29/03/2018 02:24 | Number of readings: 1
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Trend Press / Agencies
Iraq will exclude secondary oil products such as liquefied petroleum gas (LPG) and dry gas from the revenues of foreign oil companies in the new decades, Reuters reported on Thursday.
"Iraq will exclude secondary oil products such as liquefied petroleum gas and dry gas from the revenues of foreign oil companies in the new contracts expected to be awarded in June," the news agency quoted Trend Oil as saying.
The agency said that "the decision means practically reduce the company fees from production," indicating that "oil producers in Iraq are currently receiving fees from the government linked to increases in production, including raw and by-products."
Iraq has called on foreign companies to compete for contracts to explore and develop oil reserves in 11 new areas as the OPEC member seeks to boost its production capacity.
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