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The redevelopment of Iraq's oil industry will needed to be funded in part by soft loans provided by international companies, the country's oil minister Hussain al-Shahrastani has confirmed.
Speaking to Reuters in London at a conference promoting investment in the country, the minister said that weak oil prices had created a large dent in the country's fiscal budget and added that the money needed to fill this gap would have to be paid in part by foreign companies looking to search for oil in the country.
Speaking of the current development conditions attached to existing tender applications, al-Shahrastani said: "These are not signature bonuses but soft loans that we expect the international oil companies to provide, that will be repaid by the oil produced."
He added that the country is not prepared to slow the pace of its development programme as it waits for higher oil prices.
Speaking to the Independent, Sir Claude Hankes, an adviser to the Trade Bank of Iraq, warned that UK companies risked missing out in development plans because of their failure to commit to training programmes for Iraqi workers.
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