Business

Last updated: 8 december, 2009 - 16:00 GMT

Iraq's oil industry ready for investors

Iraqi workers operate valves at the Rumaila oil refinery, near the city of Basra

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Iraq is one of the world's largest oil producers but it has taken a long time since the invasion of 2003 to rebuild a proper oil industry.

For instance, only in June 2009 did the first post-war auction of oil contracts take place.

It was not a great success - only one contract was awarded - to a consortium led by BP. The complaint was that the terms were unreasonable.

This week, the next auction will take place and Baghdad hopes it will work better, even though there are still uncertainties to put off investors - like the scheduling of a new election in Iraq.

The vice chairman of Iraq's oil and gas committee is Abdul-Hadi al-Hassani, and the BBC's Roger Hearing asked him if potential investors could now have confidence in Iraq's oil industry.

First broadcast on World Business News

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