Thread: The oil law.

http://nahrain.com/d/law/057.html

Article 53-implement this law from the date of publication in the Official Gazette. The reasons given for the entry of the Republic of Iraq, a new phase after the entry into force of the Constitution in 2006, which laid down the principle that oil and gas property of all Iraqi people in all regions and provinces identified the responsibilities and powers of the federal authorities and provincial and district authorities including with respect to oil and gas sector, given the fact that the Republic of Iraq rich sources of oil discovered and undiscovered, and where Iraqi production capacity during the past decades, low compared to those sources, Given the fact that oil and gas revenues are the most important pillars of reconstruction and development of the country in general and the Iraqi economy, in particular on the foundations of a sustained and coordinated manner and wholesome scheme that takes into account the objectives of the Constitution, including the unity of Iraq, and the nature of natural sources of oil are benefiting, In order to enable the Ministry of Petroleum to focus on the role of the President with regard to the development of federal policies and planning, supervision, follow-up and improve operational efficiency, This requires the involvement of bodies and commercial entities and technical President including Oil Company Iraqi national and autonomous trade and giving a role for the regions and provinces in producing petroleum operations and to ensure effective coordination between them, For additional modernization and development of the oil industry through the participation of international and local investors have skills and the administrative and technical drawing, reflecting a positive impact on the proceeds of oil and help in modernizing national experience in the oil sector and increase its effectiveness, In order to encourage the private sector linked to the national directly or indirectly oil and gas sector and support.

Translated version of http://nahrain.com/d/law/

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