August 17, 2008 / 3:19 PM / 11 years ago

Iraq likely to abandon short-term oil contracts - US

BAGHDAD, Aug 17 (Reuters) - The Iraqi government is likely to abandon plans to sign short-term contracts with foreign oil companies, negotiations over which have been halting, a senior U.S. diplomat in Baghdad said on Sunday.

“It appears that on present form (the Iraqi government) probably won’t proceed with most of these or all of them,” Charles Ries, coordinator for Iraq’s economic transition at the U.S. embassy in Baghdad, told reporters.

“But I think that some of the companies are open to continued discussions even on relationship grounds, and some of the companies ... don’t think it’s worth their time.”

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