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Iraqi Kurdistan Government KRG publishes draft law
of revenue sharing
22.6.2007
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Kurds
reach draft agreement on oil
June 22, 2007
Erbil, Kurdistan region (Iraq), --
Officials of northern Iraq's Kurdistan region said
yesterday that they had agreed with the federal
government on a draft law on the distribution of oil
and other government revenues, one of the key
components of a package of legislation regulating
Iraq's petroleum industry.
Reuters quoted an oil ministry official as saying
that a draft had been approved, but said parliament
could still make changes. Another Kurdistan official
said the agreement with Baghdad had been reached
late on Wednesday after several days of intense
negotiations.
The Kurdistan Regional Government (KRG) Spokesman on
Thursday published the Arabic and English versions
of the draft law for revenue sharing which was
agreed last night between the KRG and Baghdad. The
draft can be downloaded at the links below.
This is a result of several months of discussions
and negotiations both in Baghdad and in Erbil
between KRG officials and the Federal Government. Mr
Nechirvan Barzani, the KRG Prime Minister who played
a crucial role in the process to finalise the
agreement, said “this is a milestone in the
political process from which all of the people of
Iraq would benefit.”
According to the agreed text of the draft law, a
single Fund will be established to capture all
Iraq’s oil revenue as well as all other federally
collected revenues.
The net revenue, after deducting expenses of the
Federal Government to deliver its federal duties and
fund any agreed strategic projects, will go to the
Kurdistan Region and the Governorates not organised
in a region.
The Kurdistan Region will get 17% of the net revenue
and the balance will be used according to the
population distribution to meet the needs of the
Governorates not organised in a region. The
distribution of the revenue shall be monthly and
automatic, which will acheive a just and fair
allocation to every part of the country whether it
has oil or not, as demanded by Federal Constitution.
The KRG Minister of Natural Resources, Dr Ashti
Hawrami who has been invovled in the negotiation
from the begining, said that “This is an excellent
framework for revenue sharing which will help to
keep the country together since everyone will have a
stake in protecting the country’s urgently needed
financial resources.”
He also added that ”this agreement paves the way for
resuming negotiations on the pending matters related
to the annexes of the draft of the oil law.”
To download the draft law in English,
PDF click here
To download the draft law in Arabic,
PDF click here
Krg org
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