Wicks opens major conference on Mid East oil investment

7 November 2006

The Rt Hon Malcolm Wicks MP, Minister of Energy, opened a major Chatham House conference on Investment in Middle East Oil: What is at Stake?. Mr Wicks addressed the limitations faced by international oil companies seeking to invest resources in the Middle East given the current climate and the further potential for instability in the region. Key aspects of the conference concentrated on the leading oil producing nations and the favorability of their political and socio-economic climates for foreign investment, as well as the impact that national oil companies in the Middle East have on investment in the energy sector.

The prospects for foreign investment in Iraq, particularly the progress to be made before international companies reinvest, was discussed following the speeches of former Iraqi government ministers, Dr Thamir Ghadhban and Issam Al-Chalabi, the former minister of oil. The speakers also addressed how they believe federal Iraqi politics and the proposed hydrocarbons law will effect foreign investment.

Finally Dr Seyed Mohammad Hossein Adeli, the Chairman and CEO of Ravand Institute for Economic and International studies, focused debate on how Iran's position as an oil producing nation has been affected by the policy changes of Mahmoud Ahmadinejad's presidency and how Iran's current nuclear policy has affected its international standing.

Notes for Editors:
For further details on the conference please contact:
Sam Hardy
Chatham House Press Office
+44 (0) 20 7957 5739
+44 (0) 7946 642 295

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