Friday 11 December 2009

Bombs fail to deter oil auction bidders

The world’s biggest oil companies will bid on Friday for the rights to Iraq’s largest undeveloped fields, shrugging off the threat of terrorism and fears over political instability.

The live auction comes three days after bomb attacks in Baghdad claimed more than 110 lives and amid growing uncertainty over Iraq’s political future ahead of elections set for March 7.

Despite those concerns, representatives of all the biggest international oil companies are expected to attend the two-day event at Iraq’s oil ministry in ­Baghdad. This will be the second auction. The first was held earlier this year and included Iraq’s already developed fields, which need modernisation following years of war and sanctions.

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