Wednesday, July 25, 2007
Parliament Approves Law For Foreign Investment In Oil Refineries
Trade
(Asharq Al Awsat Newspaper) - 25 JUL - Yesterday, the Iraqi Parliament approved a draft law which will open the way for foreign companies to build refineries in Iraq and administrate them. With this law, the local governments will be able to deal with these companies independently. This law is different from the old oil law. The Iraqi government has presented the draft oil law to the Parliament; however, the Parliament has not started discussions on it yet.
Yesterday, Iraqi TV broadcasted the Parliament session and the Parliament approved the refinery law. The law states that the Ministry of Oil will provide oil to the investment companies at international prices without counting the transportation costs. The investment companies will have the right to determine the prices of their products and have the right to sell the oil inside Iraq or outside Iraq. These companies will be able to use the Iraqi oil institutions such as oil storage facilities, harbors and the pipe lines.
Labels: foreign companies, law, local governments, Ministry of Oil, oil refineries
