Thursday, August 09, 2007
AMS urges foreign companies not to make oil deals with KRG
Politics, Oil
(Voices of Iraq) - The Sunni Association of Muslim Scholars (AMS) urged foreign companies on Tuesday night not to conclude deals with the government of Iraq's Kurdistan region in light of the approved oil and gas law.
"The parliament of the Kurdistan region approved, under pressure from its politicians, a law for oil and gas, allowing the establishment of a national oil company, which gives it the right to conclude oil contracts with other companies," the AMS said in a statement received by the independent news agency Voices of Iraq on Tuesday night. AMS, which stands for a strong central government and opposes loose federalism, is linked to the 1920 Revolution Brigades guerrilla group.
"Kurdish officials have no right to handle Iraqis' oil wealth which belongs to all Iraqi citizens, not just a certain group or faction," the statement added. Iraq's Kurdistan’s parliament passed the draft law on oil and gas involving the northern Iraqi region on Monday, after more than a month of debate.
The draft law is still under debate by the Iraqi national parliament. According to current draft of the law under consideration by the parliament, there should be no contradiction between the oil law, if passed by the national parliament, and that adopted by the regions, otherwise the law adopted by the Iraqi national parliament will take precedence.
The AMS issued last month what it described as an "Islamic fatwa," which considers the Iraqi government's ratification of the draft oil law as an abhorrent measure according to Islamic law, and that voting for it would "harm the interests of Muslim Iraqis." A statement by the association considered the law to be "part of transactions concluded with the occupier by politicians who came with the occupier, which will lead to the plunder of the country's gross national wealth."
The law for the management of oil resources is considered one of the most controversial issues in Iraq, and there are differences among political blocs on the law regarding the equitable distribution of revenue. Most of Iraq's known oil reserves are located in the Shiite-dominated south and the Kurdish north. Iraq sits on the world's third-largest oil reserves and officials have sought, since last year, to finalize the draft law.
The law gives Iraqi and foreign investors the right to set up refineries and oil facilities and to invest in them for 50 years, after which they will belong to the Iraqi government. The Kurdistan regional government has signed several agreements with foreign companies regarding investments in the oil sector.
"The parliament of the Kurdistan region approved, under pressure from its politicians, a law for oil and gas, allowing the establishment of a national oil company, which gives it the right to conclude oil contracts with other companies," the AMS said in a statement received by the independent news agency Voices of Iraq on Tuesday night. AMS, which stands for a strong central government and opposes loose federalism, is linked to the 1920 Revolution Brigades guerrilla group.
"Kurdish officials have no right to handle Iraqis' oil wealth which belongs to all Iraqi citizens, not just a certain group or faction," the statement added. Iraq's Kurdistan’s parliament passed the draft law on oil and gas involving the northern Iraqi region on Monday, after more than a month of debate.
The draft law is still under debate by the Iraqi national parliament. According to current draft of the law under consideration by the parliament, there should be no contradiction between the oil law, if passed by the national parliament, and that adopted by the regions, otherwise the law adopted by the Iraqi national parliament will take precedence.
The AMS issued last month what it described as an "Islamic fatwa," which considers the Iraqi government's ratification of the draft oil law as an abhorrent measure according to Islamic law, and that voting for it would "harm the interests of Muslim Iraqis." A statement by the association considered the law to be "part of transactions concluded with the occupier by politicians who came with the occupier, which will lead to the plunder of the country's gross national wealth."
The law for the management of oil resources is considered one of the most controversial issues in Iraq, and there are differences among political blocs on the law regarding the equitable distribution of revenue. Most of Iraq's known oil reserves are located in the Shiite-dominated south and the Kurdish north. Iraq sits on the world's third-largest oil reserves and officials have sought, since last year, to finalize the draft law.
The law gives Iraqi and foreign investors the right to set up refineries and oil facilities and to invest in them for 50 years, after which they will belong to the Iraqi government. The Kurdistan regional government has signed several agreements with foreign companies regarding investments in the oil sector.
Labels: AMS, Association of Muslim Scholars, foreign companies, KRG, Kurdistan, oil law
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
Monday, July 02, 2007
KRg to invite bids from foreign companies on 40 oil blocks
Oil, Kurdistan
(AME Info FZ LLC) - The Kurdish regional government in Iraq is to invite bids from foreign companies for 40 oil blocks with a view to the new national oil law being agreed shortly, reported Reuters. The authority is planning investor conferences in Erbil, London and possibly Houston and its Oil Minister Ashti Hawrami said firms which are in a position to 'organise themselves quickly' will be in pole position to win the tenders.
Labels: Ashti Hawrami, bids, foreign companies, investor conferences, KRG, oil
