MOSCOW, August 8 (RIA Novosti) - All contracts concluded by foreign oil companies with Saddam Hussein's regime and the Kurdistan authorities will be reviewed in line with Iraq's new legislation, the Iraqi oil minister said Wednesday.
"A draft oil law stipulates that any contract concluded with the previous regime or the Kurdistan autonomy must be reviewed and brought in line with the new law," Hussain al-Shahristani said on arrival in Moscow.
He said all contracts must meet a number of conditions, primarily recognize Iraq's sovereignty and its right to control its own mineral resources.
"They also include environmental protection and training programs for Iraqi personnel working in the oil and gas sector. If all of these conditions are met, previously concluded contracts will stand," the minister said, adding that work on the new oil law will continue in September, after the parliamentary recess.
Asked what opportunities will be open to Russian companies once the law is adopted, the minister said: "Iraq is not imposing national quotas. The new law will lay the foundation for free and transparent competition."
Iraq has the world's second largest proven oil reserves, 112 billion barrels, after Saudi Arabia. The country's probable oil reserves are around 200 billion barrels.
