.
.
.
.

Iraq approves major contracts for Eni’s Zubair oilfield

Iraq’s cabinet approved two major contracts for Eni’s Zubair oilfield project worth about $1 billion

Published: Updated:

Iraq’s cabinet on Tuesday approved two major contracts for Eni’s Zubair oilfield project worth about $1 billion, a senior Iraqi official told Reuters, as Baghdad works to speed up the development process.

Italy’s Eni said earlier on Tuesday it was ready to leave Iraq if certain contracts were not signed in the next few weeks, as excessive bureaucracy in the country threatens to scare off investors.

“We respect Eni and take their opinions seriously. We want them to stay in Iraq,” the Iraqi official said.

“We’re doing our best to approve high-cost contracts as quickly as we can. If they are delayed, it affects productivity and profitability.”

The two contracts for crucial de-gassing stations were approved within minutes, he said. A third contract requires minor follow-up with Eni.