Iraq Oil Minister Says Iraq Is Safe For Investment

By: Associated Press Email
By: Associated Press Email

Baghdad (AP) Iraq's oil minister says his country is now safe for investment and is appealing to international companies to help Iraq develop its petroleum sector.

In return, Oil Minister Hussain Al-Shahristani promises “full cooperation and a competitive environment for fair business.”

Al-Shahristani spoke at Friday's opening of a three-day energy conference in Baghdad that has drawn international businessmen from as far away as Russia and Japan.

He also says his country has vast oil riches that have yet to be tapped.

Iraq sits on the world's third-largest proven oil reserves with more than 115 billion barrels. But decades of wars, U.N. Sanctions, violence and sabotage have devastated the oil infrastructure and undermined the country's rebuilding efforts.

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