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.
Thursday, March 22, 2007
Foreign investors in Iraq to be exempted from taxes and customs
Business
(Anatolia News) - Visiting Iraqi Deputy Planning Minister Faik Abdul Rasool said on Wednesday foreign investors in Iraq would be exempted from all taxes and customs for 10 or 15 years on the condition that they have Iraqi shareholders. Rasool made the remarks at the Turkish-Iraqi Business Council meeting in Istanbul, Turkey's largest city, noting that the privilege would be applicable to foreign investors in all sectors except those of oil, banking and insurance, Turkey's semi-official Anatolia news agency reported.
Iraq is open to foreign investors, especially in such fields of infrastructure, Rasool said, noting that the country needs 18 billion U.S. dollars for infrastructure for the next 5 years as 1. 5 million houses are to be built in the war-torn country. A National Investment Commission, which is directly connected with the Prime Ministry was newly established to facilitate a rapid and effective decision-making process so that all procedures can be completed within 4-5 days, Rasool said.
Trade relation between Turkey and Iraq still has great room for improvement, as bilateral trade volume dropped from 7 billion dollars in 2004 to 2.8 billion in 2006, the report quoted Turkish-Iraqi Business Council Deputy Chairman Mehmet Habbab as saying.
Iraq is open to foreign investors, especially in such fields of infrastructure, Rasool said, noting that the country needs 18 billion U.S. dollars for infrastructure for the next 5 years as 1. 5 million houses are to be built in the war-torn country. A National Investment Commission, which is directly connected with the Prime Ministry was newly established to facilitate a rapid and effective decision-making process so that all procedures can be completed within 4-5 days, Rasool said.
Trade relation between Turkey and Iraq still has great room for improvement, as bilateral trade volume dropped from 7 billion dollars in 2004 to 2.8 billion in 2006, the report quoted Turkish-Iraqi Business Council Deputy Chairman Mehmet Habbab as saying.
Labels: Faik Abdul Rasool, foreign investors, tax exemption, Turkey
