Pertamina pulled out from Iraq oil

State-owned oil and gas company PT Pertamina said it pulled out in the last minute of competitive bidding to manage oilfield in Iraq due to the unfavorable service contract scheme, Detik.com reported this morning.

Detik quoted Dwi Martono, director PT Pertamina Hulu Energy, a subsidiary of Pertamina, saying the service contract scheme is not feasible for the company to proceed. Pertamina is among 31 companies competing to operate six oil blocks and two gas fields in Iraq. 

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