Thursday, July 19, 2007
Iraqi experts ask MPs not to approve draft oil law
Oil
(Azzaman) - More than 100 Iraqi experts and former oil officials have sent a letter to parliament asking legislators not to pass the new draft oil law in its current form. The experts said if passed as it is without major revisions and amendments the law will intensify current division and civil strife.
They said if certain paragraphs and annexes were not amended the country risks losing part of its massive oil wealth to foreign investors. The letter, a copy of which was faxed to the newspaper, is the latest in a series of protests from political factions, traded unions and professionals in the country.
The government ratified the draft early July but the experts said it would be unwise if the legislators passed the law while the various political factions have yet to agree on how to revise the constitution. How to exploit and utilize Iraqi oil resources is among several thorny issues in the constitution which the government is under pressure to amend.
They said the parliament should shoulder its responsibilities and reject any oil development deal without its consent. In the present draft, Iraqi regions and provinces have the right to strike such deals on their own. The Kurds have already put several exploration blocks in their territory for grabs while the controversial draft is still being debated, the experts said.
On the role foreign firms, the experts said it should be restricted to exploration and infrastructure and forbid the allocation of oil reserves to them. The experts called on parliament to re-launch the National Oil Company in a manner that will enable it to run and administer all of the country’s oil fields and reserves. The draft only assigns certain oil fields to the company.
They said if certain paragraphs and annexes were not amended the country risks losing part of its massive oil wealth to foreign investors. The letter, a copy of which was faxed to the newspaper, is the latest in a series of protests from political factions, traded unions and professionals in the country.
The government ratified the draft early July but the experts said it would be unwise if the legislators passed the law while the various political factions have yet to agree on how to revise the constitution. How to exploit and utilize Iraqi oil resources is among several thorny issues in the constitution which the government is under pressure to amend.
They said the parliament should shoulder its responsibilities and reject any oil development deal without its consent. In the present draft, Iraqi regions and provinces have the right to strike such deals on their own. The Kurds have already put several exploration blocks in their territory for grabs while the controversial draft is still being debated, the experts said.
On the role foreign firms, the experts said it should be restricted to exploration and infrastructure and forbid the allocation of oil reserves to them. The experts called on parliament to re-launch the National Oil Company in a manner that will enable it to run and administer all of the country’s oil fields and reserves. The draft only assigns certain oil fields to the company.
Labels: draft oil law, foreign investors, Iraq National Oil Co.
