Thursday, September 21, 2006
Kurds hold meeting for foreign oil industry
Kurdistan, Economy
Dr. Ashti Hawrami, the Kurdistan Regional Government’s (KRG) Minister for Natural Resources, held a briefing Thursday in London on petroleum exploration and development in the Kurdistan Region to an audience of more than 60 oil industry representatives, analysts and journalists. The Kurdish government recently published a draft Petroleum Act for the Kurdistan Region.
Dr. Hawrami said, “We are confident that the draft Petroleum Act is inclusive of all of Iraq, and is fair, clear and investor-friendly. It creates a win-win situation for all of Iraq. If it is passed by the Kurdistan National Assembly, it will bring inward investment that will benefit the people of both the Kurdistan Region and all of Iraq.” He added that comments and feedback from Kurdistan and abroad, oil companies, NGOs and the wider investment community had been incorporated into the draft act
Dr. Hawrami said, “We are confident that the draft Petroleum Act is inclusive of all of Iraq, and is fair, clear and investor-friendly. It creates a win-win situation for all of Iraq. If it is passed by the Kurdistan National Assembly, it will bring inward investment that will benefit the people of both the Kurdistan Region and all of Iraq.” He added that comments and feedback from Kurdistan and abroad, oil companies, NGOs and the wider investment community had been incorporated into the draft act
Dr. Khalid Salih, the KRG’s Official Spokesman and former constitutional advisor, told the participants that Iraq’s constitution, which is the basis for the Kurdistan Region’s draft Petroleum Act, gives priority to regional laws. Officials from Royal Dutch Shell PLC (RDSB.LN), Eni SpA (E), BHP Billiton (BHP) and Statoil SA (STO) were among those at the briefing. International companies such as Norway's DNO are currently drilling for oil in Kurdistan.
