Iraq seeks bond revenue to make delayed IOC payments

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."