There is no chance that INOC draft law would be voted by parliament before the draft oil and gas law is legislated, according to Oil Minister Hussein al-Shahristani. Why? Because there is close linkage between the two laws as well as two other laws pending legislation; the oil ministry restructuring law and the revenue sharing law, “without which the state company would be paralyzed.” And that’s not all. There is…
Tag: revenue sharing law
Legal Pros and Cons
30 March 2007 Iraqi oil veterans have made no bones about their unhappiness with the petroleum law approved by the cabinet in February. Not only do they criticize the speed at which it could open the upstream doors to major oil companies and the extent of Big Oil’s potential involvement, they say it’s wrong to be deciding the fate of the industry at a time when the state is struggling…
Sharing The Wealth
22 June 2007 After weeks of haggling and tough bargaining, Iraq’s central government and the northern Kurdish region have agreed a draft revenue-sharing law — opening the way for parliament’s approval of a hydrocarbon law regulating international investments in Iraqi oil and gas fields. The draft revenue law is a compromise that ensures the Kurds get an adequate and timely share of state revenues, but keeps the collection and distribution…