Iraqi Kurds approves regional oil law

Iraq's Kurdistan region approved an oil law, ahead of the federal legislation, that it says will benefit both its citizens and Iraqis as a whole.

Iraqi Kurds approves regional oil law
Iraq's Kurdistan region approved an oil law, ahead of the federal legislation, that it says will benefit both its citizens and Iraqis as a whole.

"Together with the Iraq constitution, the Kurdistan Region Oil and Gas Law will be the foundation of our economic development," Kurdistan Regional Government Prime Minister Nechirvan Barzani said in a statement Monday after the KRG Parliament approved the law.

"Under this law, domestic and international investors can come to the Kurdistan Region, generate revenue, bring jobs and training and opportunities to us and our children," he said.

The law would need to be in line with a federal law that is stuck in Parliament negotiations in Baghdad. Factions, including the Kurds, are bitterly divided over how much control the regional and local governments will have over the exploration, development and production of Iraq's oil, and how strong the federal government will be.

A final version of the KRG law has not been made public. But the government's Web site says it includes a revenue-sharing component, where the KRG and the rest of the oil producers pool oil revenues together, and they are then redistributed around the country.

"This law is a true expression of the diverse but unified aspirations of the people of the Kurdistan Region," KRG Natural Resources Minister Ashti Hawrami said in a statement.

"We are in step with the world's best practice," Hawrami said, using the United Arab Emirates, Canada and Australia's oil policies. "In establishing control of our oil resources, we proudly join the community of cooperative federations around the world."

Less than a third of Iraq's 115 billion barrels of proven oil reserves are in Iraq's northern areas.

UPI
Last Mod: 07 Ağustos 2007, 15:35
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