Oil firms missing targets face "huge fines": Iraq
BAGHDAD
Sun Jan 31, 2010 8:18am EST
BAGHDAD (Reuters) - Oil companies have committed themselves to the ambitious targets set in deals signed this month with Iraq and face fines of billions of dollars if they miss them, the Iraqi oil minister said on Sunday.
"These production target figures are contractual and were set in the contracts with the companies. The companies are obliged to implement them otherwise they should pay huge fines worth billions of dollars," Oil Minister Hussain al-Shahristani told Reuters.
(Reporting by Ahmed Rasheed; Editing by Michael Christie
BAGHDAD
Sun Jan 31, 2010 8:18am EST
BAGHDAD (Reuters) - Oil companies have committed themselves to the ambitious targets set in deals signed this month with Iraq and face fines of billions of dollars if they miss them, the Iraqi oil minister said on Sunday.
"These production target figures are contractual and were set in the contracts with the companies. The companies are obliged to implement them otherwise they should pay huge fines worth billions of dollars," Oil Minister Hussain al-Shahristani told Reuters.
(Reporting by Ahmed Rasheed; Editing by Michael Christie