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Iraq Oil Wealth Distribution Planned
9.12.2006
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December 9, 2006
BAGHDAD ,-- Iraqi legislation intended to
resolve the politically charged question of
distributing the country's oil wealth is nearing
completion, the chairman of a panel drafting the law
said Saturday.
The distribution of oil revenues, the mainstay of
Iraq's economy, is at the heart of some of Iraq's
most contentious political issues, including the
push by Shiite leaders to allow the oil-rich south
of Iraq to set up a self-rule region a similar to a
Kurdish one in the north.
"We have reached important agreements. I cannot put
a timeframe on when it will be ready, but we are
very keen on achieving that as soon as possible,"
Deputy Prime Minister Barham Saleh, a Kurd who
chairs the committee, said. "We hope that we will
reach a comprehensive agreement that will enhance
the oil sector and make oil a unifying factor to all
Iraqis."
He said, however, that key issues still need to be
resolved, including "the administration of the oil
sector, deals and contracts."
Underlining the sensitivities involved, Nechirvan
Barzani, the Kurdish region's prime minister, said
Thursday that talks he held with the Baghdad
government this month failed to produce an agreement
on his demands for control of oil resources in the
region.
"We demand that the signing of contracts to develop
oil fields in Kurdistan should be handled by the
Kurdistan region," he said, according to Dow Jones
Newswires.
Iraq is believed to produce around 2.2 million
barrels of oil a day and exports about 1.5 million,
well below prewar levels. Insurgent attacks have
frequently targeted oil facilities and pipelines,
disrupting exports and disrupting efforts to
modernize the industry.
The Iraq Study Group recommended that the U.S.
government work with Iraqis to come up with a clear,
legal framework for oil investment. It also
suggested that the U.S. military work with Iraqi and
private security forces to protect oil facilities.
Oil Ministry Spokesman Assem Jihad said the
government hoped that the oil legislation would
encourage foreign investment in the oil sector,
which has struggled since the imposition of sweeping
U.N. sanctions on Iraq following its 1990 invasion
of Kuwait. The measure must be approved by the
Cabinet and parliament
AP
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