Iraq seeks bond revenue to make delayed IOC payments
Oil Ministry and IOCs also begin talks to negotiate contract changes as the oil price drop hits budgets.
Iraqi Minister of Oil Adil Abd al-Mahdi (R) takes a tour of Basra Gulf export platforms on Sept. 21, 2014, (HAIDAR MOHAMMED ALI/AFP/Getty Images)
BAGHDAD - Iraq is planning to borrow billions of dollars to make payments to international oil companies, which have been delayed due to a severe financial crisis.
"The Oil Ministry has the right to ask his excellency the prime minister and the minister of finance to issue treasury bonds worth $12 billion," said Oil Minister Adil Abd al-Mahdi at a press conference Sunday. "We have started this process, in order to cover the payments to the companies."
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