NMadrid - The oil company Total is on the verge of signing a service contract in Iraq, but is not expecting to invest there before next year, the company CEO Christophe de Margerie said Tuesday in Madrid.

De Margerie was attending the 19th World Petroleum Congress as it went into its second day.

"These are just transitory contracts," the CEO said, adding they were "all we can do today" because of security problems in Iraq.

De Margerie and ExxonMobil chairman Rex Tillerson stressed the need to start building the Iraqi energy system now.

"It is time to get started," Tillerson said, adding he was "hopeful for Iraq." (dpa)