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Friday, July 6, 2007

Iraq's Kurdistan seeks foreign bids for 40 oil blocks

BAGHDAD — The autonomous Iraqi Kurdish government intends to develop crude oil reserves throughout the north.

Kurdistan's Oil Ministry has sought foreign bidders for 40 new oil blocks and was drafting a tender for the projects. The tender was expected to follow an Iraqi law that stipulates the division of oil revenues.

"Priority will go to those companies that can move and organize themselves quickly," Oil Minister Ashti Hawrami said. "This way we shall be making a great contribution to Iraq's revenues to be shared by all, hence assisting with the reconciliation process and Iraq's unity."

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The ministry plans to convene meetings with investors in Irbil, London and possibly the U.S. city of Houston. Kurdish officials insist that they would decide the winner and administer the project.

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