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Iraq Oil Industry May Accept Foreign Investors

IN BRIEFS / ENERGY

July 19, 2006|Borzou Daragahi

Iraq may open its potentially lucrative oil business to foreign investors by the end of the year, Energy Secretary Samuel W. Bodman said after a day of meetings with Iraqi counterparts in Baghdad.

"Iraq will only realize its very considerable potential as an oil producer with the help of investors," he said. "They need to pass a hydrocarbon law under which foreign companies can invest."

Outside capital could help revamp pumps, pipelines and refineries that were neglected for a quarter-century or longer under Saddam Hussein, Bodman said.

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