GOI to discuss amendments to the law of oil and gas in July, Vote before end of 2011

Posted: July 24, 2011 in Iraqi Dinar/Politics
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Date: July 23, 2011

Revealed adviser in the Iraqi government, for the Council of Ministers this week to discuss the revised version of the draft law of oil and gas, in preparation to be sent to the Congress for final ratification.

The government’s Energy Committee, headed by Deputy Prime Minister Hussein Shahristani, has handed over the middle of the cabinet this month, the draft law, after completing adjustments.

And the failure of the House of Representatives to pass Bdorth previous oil and gas law, which was expected to rise oil situation if approved.

Necessary adjustments

The chancellor said the Iraqi government, Abdul Hussein al-Jabri, “The Presidency of the Council of Ministers decided to start this week to discuss and make the necessary adjustments to the draft law of oil and gas done by the government’s Energy Committee.”

The oil imports about 95% of Iraq’s budget, but so far nothing in the law regulating the affairs of the country, despite the conclusion of many of the energy contracts with international companies to develop Iraqi oil fields.

A specific date

Al Jabri said that “the Presidency of the Council of Ministers will finalize the draft law of oil and gas during this month and will be asked formally by the Council of Representatives to give priority to oil and gas law for a vote before the end of this year.”

He continued by saying that “the performance of the oil ministry will evolve significantly in the case law was approved oil and gas during the year, through the activation of the contracts concerning the development of secondary fields and the development of Iraq’s production of oil.”

The reason for the absence of law, a number of problems in this sector, particularly oil contracts signed by the Kurdistan Regional Government with international companies to develop fields, and Baghdad says it is “illegal”, while confirming the region “compatibility with the Iraqi law.”

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