As the Iraqi Government prepares for a further auction of energy licences IBBC’s Executive Chairman Baroness Nicholson of Winterbourne has praised Oil Minister Abdul Karim al-Louyabi for the professional and transparent way the fourth round was conducted.

She said: “Although the overall result last time was a qualified success with only three of the 12 blocs securing exploration agreements the Oil Ministry, headed by Mr Al Karim, should be highly praised for the thoroughly professional way the auction proceedings were conducted. A huge theatre inside the ministry building was made available with translators providing simultaneous service. The two-day event was also shown on Iraqi television.As the bids went in we watched as envelopes were deposited in a clear plastic box. Later paperwork showing how much the bidding oil companies were prepared to pay per barrel was projected on giant screens for all to see. The event was a huge organisational credit to Mr Al-Louyabi and his ministry officials.”

Successful bids came from LUKoil, Pakistan Petroleum and a consortium led by Kuwait Energy.

Baroness Nicholson added: “ I would like to congratulate Sara Akbar – who was representing Kuwait Energy – for her company’s success in securing Bloc 9 which is a 900 square kilometre site near the Iranian border. Iraq and Kuwait’s moves towards securing closer ties will surely be helped by this deal.”