Iraq To Hold Draft Oil Law Public Seminar Feb 10-Official
By Hassan Hafidh, Of DOW JONES NEWSWIRES
Iraq is planning to hold a public seminar on the country's controversial draft hydrocarbons law Feb. 10, a senior Iraqi oil official said Friday.
He said that the seminar would be attended by Deputy Prime Minister and head of Iraq's Energy Council Barhem Saleh, Oil Minister Hussein al-Shahristani, the Prime Minister's oil and gas adviser Thamer al-Ghadhban, various Iraqi officials and heads of parliamentary committees.
"The seminar will brief Iraqi officials and lawmakers on the draft law," the official, who is taking part in drafting the law, told Dow Jones Newswires.
It isn't known, however, whether Iraqi officials at the seminar will announce the completion of the long-awaited oil law.
The official said that there were still "minor issues" that needed to be settled before submitting the draft law to the Iraqi government for review. Parliament has to give final approval.
Outstanding issues, according to Iraqi officials drafting the law, include the proposal of a new federal petroleum council, headed by the Prime Minister Nouri al-Maliki or his deputy and the ministers of oil, planning and finance, which would have the final say on contracts signed with oil companies.
This is causing prolonged ructions with the Kurdistan Regional Government, which runs northern Iraq and wants control of oil resources in its territory and a share of revenue.
The hydrocarbon law is seen as a crucial basis for international oil companies to begin discussions on investing in the country's under-exploited and run-down oil sector, and to generate much-needed reconstruction revenues.
According to a recent copy of the draft law, seen by Dow Jones Newswires, a new national oil company, or INOC, would control most of the country's most prized oilfields. The INOC would invite international oil companies to carry out investment in these fields to boost output and exports.
-By Hassan Hafidh, contributing to Dow Jones Newswires; + 962 777 612 111;
[email protected]
(END) Dow Jones Newswires
02-02-070603ET
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