Iraq opens state firms to foreign investors

Iraq opens state firms to foreign investors
Published: 14 July 2008

Iraq hopes by year-end to conclude production sharing deals with foreign firms to renovate 35 major state industries, including its sole petrochemical complex, the industry and minerals minister said on Friday.
Fawzi al-Hariri said better security in the country had drawn over 120 firms and consortia keen to bid for 10 to 15 year joint ventures that aim to revamp ailing industrial firms under an ambitious multi-billion dollar privatisation plan.
Hariri said foreign investor bids would be evaluated as soon as a July 31 deadline closes for international firms vying for six cement factories, a major petrochemical plant in Basra, an iron and steel facility, pharmaceutical, chemical, textile and other plants.
"After shortlisting an average of three firms for every plant ..I hope to conclude these deals between October and end of December," he added.