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.
You might also like...
Frontrunners emerge for Aramco gas plant expansion
28 March 2024
Spanish firm wins $102m Saudi water design deal
28 March 2024
Riyadh maintains Vision 2030 focus
28 March 2024
Region must rethink talent acquisition
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.