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US, Iraq Seek to Boost Oil Sector Transparency

Washington and Baghdad enter into an agreement to ensure greater transparency in the oil sector, reports Omar al-Shaher.
Workers of South Oil Company (SOC) adjust a valve at the Rumaila oil field in Basra Province in this May 24, 2010 file photo. The initial development plan agreed by Exxon Mobil and its partners for Iraq's West Qurna Phase One oilfield included drilling eight new wells and overhauling up to 50 wells this year to boost output. Exxon Mobil wants to leave its flagship Iraqi oil project after upsetting Baghdad by signing a deal last year with the autonomous northern Kurdish region, which the central government d
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Amid intense criticism and corruption charges faced by the Iraqi Ministry of Oil on the part of many political parties, the US Embassy in Baghdad has signed an agreement with the Iraqi government in a bid to improve the ministry’s level of transparency.

“The United States Government, through the US Agency for International Development (USAID), signed a Memorandum of Understanding with the Iraqi Ministry of Oil on March 17. This agreement outlines US support for the ministry to improve the effectiveness and transparency of its operations,” the embassy said.

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