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Iraq To Hold Draft Oil Law Public Seminar
February 10: Official
2.2.2007 |
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February 2, 2007
Iraq is planning to hold a public seminar on the
country's controversial draft hydrocarbons law
February 10, a senior Iraqi oil official said
Friday.
He said that the seminar would be attended by Deputy
Prime Minister and head of Iraq's Energy Council
Barhem Saleh, Oil Minister Hussein al-Shahristani,
the Prime Minister's oil and gas adviser Thamer al-Ghadhban,
various Iraqi officials and heads of parliamentary
committees.
"The seminar will brief Iraqi officials and
lawmakers on the draft law," the official, who is
taking part in drafting the law, told DJ.
It isn't known, however, whether Iraqi officials at
the seminar will announce the completion of the
long-awaited oil law.
The official said that there were still "minor
issues" that needed to be settled before submitting
the draft law to the Iraqi government for review.
Parliament has to give final approval.
Outstanding issues, according to Iraqi officials
drafting the law, include the proposal of a new
federal petroleum council, headed by the Prime
Minister Nouri al-Maliki or his deputy and the
ministers of oil, planning and finance, which would
have the final say on contracts signed with oil
companies.
This is causing prolonged ructions with the
Kurdistan Regional Government, which runs northern
Iraq and wants control of oil resources in its
territory and a share of revenue.
The hydrocarbon law is seen as a crucial basis for
international oil companies to begin discussions on
investing in the country's under-exploited and
run-down oil sector, and to generate much-needed
reconstruction revenues.
According to a recent copy of the draft law, seen by
Dow Jones Newswires, a new national oil company, or
INOC, would control most of the country's most
prized oilfields. The INOC would invite
international oil companies to carry out investment
in these fields to boost output and exports.
dj com
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