MAY 24th--- Energy - Oil & Gas
Iraq still hopes to pass oil law in May
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24 May 2007 (Iraq Directory)
Iraqi Deputy Prime Minister, Barham Salih, said on Saturday that Iraq still hopes for agreement based on the oil law draft this month, thus allowing the Parliament to pass it soon.
Salih said on the sidelines of the World Economic Forum in Jordan that negotiations should begin soon in Baghdad to review details of the annexes of the law and the method of distributing oil income. He said that a Kurdish delegation is in Baghdad and that he will return to Iraq on Sunday to start negotiations.
Salih said that those who seek to hold talks want to ensure that the law includes restrictions and balances for a fair distribution of income and to discuss the scope of activity and control of the Iraqi National Oil Company. He said that they hope to complete this before the end of the month, adding that reaching an agreement would mean that the law can be passed to Parliament for approval.
Salih said that the law will shape the country's economy for a long period, describing it as the most important legislation that Iraq has to draft.
The law aims to distribute Iraq's oil wealth fairly among the Shiites, Sunni and Kurds. Washington thinks that the law is important to ensure national reconciliation in Iraq.
