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Iraq asks for Rumaila signature bonus change

21 July 2010

Iraq's oil ministry has asked British oil major BP and its Chinese partner CNPC to turn their signature bonus for Rumaila oilfield into an unrecoverable but lower payment rather than a soft loan, Reuters has reported. "We have asked from them to convert the $500m recoverable to $100m unrecoverable... in line with the rest of the contracts," Abdul-Mahdy al-Ameedi, director of the ministry's licensing office, told the news service. "If it stayed as a soft loan, we have to get parliament's approval for it, and there is no parliament right now," he said.

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