Oil Minister Adel Abdel Mehdi has stated that Iraq is now negotiating to reinstate its oil production state share contracts with the the foreign companies to 20% -25%, once it was bargained in the recent amendments up to 5%.

A year ago, Iraq signed reexamined deals in the company of Britain’s BP, Russia’s Lukoil, and Italy’s Eni, cutting last targets of the production; furthermore, bringing down the offer of the state accomplice to 5% from 25%.

Adel Mehadi said  in an announcement, “There are proposals to link the profitability of the companies with the oil prices, and not just with a specific fee per additional barrel.”

Another proposition for examination was to connect payments to the number of companies run to bring down the crea production tion costs.

Mehdi also said, “Under current contract terms, Iraq’s payments due to international companies in 2015 would reach $18 billion.”

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