Turkish company says Iraq needs oil law for investment

By
March 19, 2008 20:44

Iraq would need to pass its long-delayed oil and gas law to attract much-needed funds to enhance its oil industry, a Turkish company with oil investments in northern Iraq said Wednesday. Orhan Duran, the general manager of Turkey's Genel Enerji, said the Cukurova Group-owned company has invested nearly US$200 million (€130 million) to drill six wells in a joint effort with Geneva-based Addax Petroleum. There is enough oil to make the venture profitable, but the oil cannot be exported before the central government passes the oil and gas law, Duran said. Iraq's central government approved a US-backed draft oil bill early last year and forwarded it to parliament, only to see it sent back on technicalities.


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