KurdistanObserver.com
KRG Statement: Status of Iraq
Federal Oil Law
Erbil, 18 January 2006
In an article published by Reuters on 17th January headlined Iraq leaders
agree draft oil law, a spokesman of the Ministry for Oil in Baghdad stated,
“The committee finalized the draft of the law last night [i.e. 16th
January]. It was approved unanimously and it will go before the cabinet
early next week”.
As far as the Kurdistan Regional Government (KRG) is concerned, the draft law
has not been “finalized unanimously”, therefore the claim made by the oil
ministry spokesman, as reported by Reuters, is inaccurate and misleading.
The last draft that the KRG was in agreement with was presented to Prime
Minister Al-Maliki for his review on 17th December 2006. That draft allows the
KRG to negotiate and sign new contracts within the Region and to receive its
faire share of Iraq's oil revenue, to be guaranteed and regulated by law. The
draft acknowledges that the KRG shall be the competent authority to review its
own previous contracts to make them consistent with the law. Any further
material changes to that draft will require the KRG’s consent.
Although the process of drafting the oil law is nearing completion, the
important annexes to the law are still pending. Also, there are three associated
laws (the revenue sharing law, the Iraq National Oil Company (INOC) charter law,
and a law to define the oil ministry’s new role) which must be drafted and
agreed upon before the whole package can be regarded as being final.
Therefore, the position can only be finalized once all these matters are settled
and the KRG looks forward to being among the first to make a formal announcement
when this is done.
The Spokesman
Kurdistan Regional Government
Council of Ministers
Erbil, Kurdistan Region, Iraq
Email:
spokesman(at)krg.org
