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Economic : Is a draft bill will be presented to Parliament oil?
21.04.07

Boredom debate before in Dubai
Baghdad-Sabah.

Expected presentation on the new oil law of Parliament, which aims to attract foreign investment, which is estimated at billions of dollars this week. This was announced by the Iraqi Oil Minister, Dr.. Hussein Shahrastani said in a press statement in Dubai on the sidelines of the discussion of the law.

By 60 members of the Iraqi parliament and experts at a meeting in the UAE last Wednesday to discuss the contents of the law that would grant the right of the Non negotiation with international companies to develop oil fields.

He pointed out that political blocs in parliament agreed to attempt to pass the bill before the end of the month.

The minister had said last month in the mid us that the Cabinet had approved the bill unanimously.

Iraq aims to produce more than three million barrels of oil a day this year, and facing the oil industry in Iraq, acts of sabotage and outdated infrastructure for the production of two million barrels per day.

The law requires distributing oil wealth in accordance with the proportions of the population as well as to revitalize national oil company dissolved since the 1980s and which will be responsible for production and export.

And Iraq has the third largest proven oil reserves in the world after Saudi Arabia, estimated at (115) billion barrels, and oil is the main source of income in Iraq, the issue now 1.6 million barrels per day, Iraq needs foreign investments of billions of dollars to revive the oil industry.

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