10/06/2012 11:04
ERBIL, June 9 (AKnews) – The absence of oil and gas legislation will lead to the failure of all oil policies in the country, said Iraq’s parliamentary oil and energy committee.
The committee said the previous oil licensing rounds succeeded only in terms of media.
Committee spokesman Qasim Mohammed said: “Previous oil licensing rounds conducted by the Ministry of Oil all failed because of financial and administrative corruption and the absence of oil and gas law.
“Foreign oil companies are dealing with individuals and this confuses the work atmosphere and opens the door for financial corruption. Thus, law will eliminate the occurrence of this phenomenon.”
Iraq’s political parties have been unsuccessful in enacting oil and gas legislation despite having three draft laws. Controversy on the management of oil wealth still exists.
