Iraq To Review Oil Contracts With France, Germany

Iraq will review oil contracts signed with France and Germany because they haven't donated money for Iraq's reconstruction, Iraq's oil minister was quoted as saying Sunday. "Iraq will review contracts signed with countries that haven't offered aid to the people of Iraq and aren't planning to do so in the future, such as France and Germany," Dubai-based al-Arabiya satellite television quoted Ibrahim Bahr al-Uloum as saying.

Oil analysts in the Iraqi capital say the minister's statement also means that Baghdad won't sign contracts with companies from these two countries to reconstruct the battered Iraqi oil sector.

Bahr al-Uloum said Iraq's budget for next year had allocated $1 billion to be invested in the oil sector. He said $50 billion was needed to increase Iraq's oil production to 5 million barrels per day, the target for 2010.