Wednesday, March 14, 2007
KRG publishes English translation of draft oil law
Oil, KRG
(KRG.org) The Kurdistan Regional Government (KRG) Spokesman published an authorised English translation of the draft Federal Oil and Gas Law for Iraq on March 9th. The original Arabic draft, also published by the KRG on the same date, was prepared by the Oil and Energy Committee of the Iraq Council of Ministers on 15 February 2007. That draft was later approved by the Council. The drafts can be downloaded at the links below.
The English translation published today was prepared and authorised by the KRG. “These are the drafts recognised by the KRG”, said KRG Natural Resources Minister Dr. Ashti Hawrami. “Old and inaccurate translations of this vital draft law have been circulating in the media in recent weeks. By publishing the original Arabic and the authoritative English translation together, we hope to make the picture clearer for potential investors in Iraq.” Dr. Hawrami represents the KRG on the Oil and Energy Committee.
Allocation of fields, model contracts, and Revenue Sharing Law outstanding Pursuant to the Iraq Constitution and the draft law, the KRG will sign contracts for new fields in the Kurdistan Region. In a departure from the Iraq Constitution, the law establishes an independent advisory body, to be jointly appointed by the KRG and the Federal Government, to ensure that all contracts will meet certain minimum economic guidelines. The KRG has also voluntarily agreed that existing KRG petroleum contracts, which are explicitly validated by the Iraq Constitution, may also be reviewed by a panel of independent advisors.
Draft oil law in English: http://www.krg.org/uploads/documents/Draft%20Iraq%20Oil%20and%20Gas%20Law%20English__2007_03_10_h23m31s47.pdf
Labels: Dr. Ashti Hawrami, draft oil law, KRG, Kurdistan Regional Government, Oil and Energy Committee of the Iraq Council of Ministers
