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Tuesday, 07 October, 2008, 07:40 GMT | more prices >>

Oil law 'before parliament next month'



By Upstream staff 

Iraq's parliament should start to debate the country's oil law next month, a move necessary to regulate how wealth from Iraq's oil reserves will be shared by its sectarian and ethnic groups, deputy speaker Khaled al-Attiya said today.

Attiya said the parliament would take its time to discuss the draft, which is seen as key to reconciling warring Iraqis and attracting foreign investment. But he expected it to pass before the end of the year.

The legislation, which had been expected to pass before the end of 2006, was delayed due to disagreements over control of oil reserves, much of which are in the semi-autonomous Kurdistan region in northern Iraq and in the country's south.

The draft was approved by the Cabinet in February but faced opposition from the Kurds, who felt they were getting a bad deal, a Reuters report said.

In July, the Cabinet approved "some linguistic changes" to February's draft.

Attiya, a senior member in the ruling Shi'ite Alliance, told Reuters late last night there has been an agreement between the powerful Shi'ite Alliance and the Kurdish coalition to go with the draft approved by the Cabinet in February.

"That helped in putting the law on schedule (for debate). Possibly in early October," he said.

He added: "I do not think that the time will extend beyond the end of the second legislative quarter ... from now until before the end of the year."

Deputy Prime Minister Barham Salih said that there has been a basic agreement between Shi'ite Prime Minister Nuri al-Maliki and the Kurdish Regional Government (KRG) that the draft passed in February stands.

"The prime minister and KRG remain committed to the text voted on unanimously, including the Accordance (Sunni Arabs) ministers in February," Salih said.

The Kurds had previously said some of the annexes were unconstitutional because they wrested oilfields from regional governments and placed them under a new state oil company.

The annexes also covered control over discovered and undiscovered oilfields and who would have the power to negotiate contracts with international oil companies.

February's draft refers to annexes but they were neither discussed nor voted on then.


Thursday, 20 September, 2007, 13:34 GMT  | last updated: Thursday, 20 September, 2007, 13:40 GMT

Dividing the spoils: Iraqi MPS are set to debate the country's oil law next month, according to reports
 

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