Thread: Iraq/Dinar News to April 19, 2007 10PM CST

By Simon Webb Reuters - Wednesday, April 18 DUBAI (Reuters) - Iraq's cabinet will present a much awaited oil law to parliament next week, the country's oil minister said on Wednesday, but the Kurdish region rejected aspects of the emerging legislation.
it's FREE and... I have been refused credit I am applying for a mortgage I want to improve my credit rating I have just moved house I want to check it's up to date I want to check my credit score I have not seen it before I'm concerned about identity fraud
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An oil law is vital for Iraq to attract investment from foreign firms to boost its oil output and rebuild its economy, but disputes that have dogged the lengthy law-writing process continue to simmer between regional and central governments.
"It will be ready next week to be presented to parliament," Hussain al-Shahristani told reporters in the United Arab Emirates. Around 60 Iraqi parliamentarians and experts met in Dubai to discuss the law that will give its regions rights to negotiate with global firms on developing oilfields.
Shahristani said he expected parliament to make no major amendments of the law, though some minor changes were possible.
He said that all political blocs in parliament had agreed to try to pass the law before the end of May, but the Kurdish Regional Government (KRG) said on Wednesday it would not sign up to some aspects of the law.
Ashti Hawrami, minister of natural resources in the semi-autonomous Kurdish region in northern Iraq told Reuters that annexes to the draft oil law that aim to wrest oilfields from regional governments and place them in the hands of a newly formed state-oil company were unconstitutional.
"The annexes as they are written now will not be accepted by the KRG," Hawrami said. "If I don't get the lion's share of fields (in the region) then it's a bad law. If the law dilutes regional control then it is unconstitutional."
"This law has to be in harmony with the constitution and if it isn't then it must be thrown in the trash," Hawrami said.
Still, Hawrami said he was confident that all sides could agree on the law if the national oil company's role was reduced.
Shahristani said the Kurdish regional government should have made its objections clear before the draft law was approved by the cabinet in February, although he admitted the appendices had not been studied in detail before the law was passed.
"Nobody is totally happy with this draft but this has been agreed to. This is the draft that had been accepted," he said.
He said he would listen to the Kurdish government's opinions at meetings in Iraq next week.
FOREIGN FIRMS
Shahristani said the draft law would be presented in a bundle that would include the oil and gas law, a law outlining the functions of the ministry of oil, another for Iraq National Oil Company and a fourth for oil revenue management.
The future role of foreign oil companies in Iraq has caused controversy but Shahristani said such concern was unfounded.
"The oil wealth of Iraq will remain under total control of Iraq. Under no circumstances will Iraq relinquish control over its natural resources," he said.
Former oil minister Thamir Ghadban said Iraq would have to look at different types of contracts with foreign oil companies to encourage investment, but added he did not think it needed to sign the sort of production sharing agreements the KRG had entered into with several foreign firms.
In February Iraq's cabinet endorsed the draft law, which is awaiting parliament's ratification, regulating how wealth from the country's vast oil reserves will be shared by its ethnic and sectarian groups.
The OPEC member has the world's third-largest proven oil reserves and needs billions of dollars to revive the sector after years of sanctions and war.
Shahristani said that model contracts would not be included in the draft law annexes. The federal council for oil and gas would develop those contracts later.
All major and minor oil companies around the world had shown interest in the future development of Iraq's oil and gas fields, he said. "We are talking about a huge potential here in terms of fields ready for development."
Shahristani said Iraq hoped to begin developing a large gas field in the western desert close to Syria in the second half of this year.
(Additional reporting by Summer Said)
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Iraqi Oil Law Nears Final Stage

Iraqi Oil Law Nears Final Stage - Forbes.com

Originally Posted by buddyboy

Iraqi Oil Law Nears Final Stage

Iraqi Oil Law Nears Final Stage - Forbes.com

lets hope its a short stage !

Iraq MPs, experts start oil law talks in Dubai
(Reuters)

18 April 2007



DUBAI - Iraqi parliamentarians and experts began a meeting in the United Arab Emirates on Wednesday to discuss the war-torn country’s oil law that will give its regions the right to negotiate with global firms on developing oilfields.


“This is one of a series of technical workshops that we are holding to discuss the oil and gas law,” Iraqi Oil Minister Hussain Al Shahristani told Reuters as he entered the meeting in the emirate of Dubai.

An Iraqi official told reporters in Dubai on Tuesday that at least three ministers, including Shahristani, would be among some 60 Iraqi parliament members and oil experts attending the meeting.

Some of the technical experts lived in third countries and did not wish to travel to Iraq for security reasons.

In February Iraq’s cabinet endorsed a draft oil law, which is awaiting parliament’s ratification, regulating how wealth from the country’s vast oil reserves will be shared by its ethnic and sectarian groups.

The OPEC member has the world’s third-largest proven oil reserves and needs billions of dollars to revive its oil sector, which is crucial for rebuilding its shattered economy.

Shahristani said earlier this month that it was “achievable to pass the law within two months since all political parties are in favour”.

The long-planned law will also restructure the Iraq National Oil Company as an independent holding firm and establish a Federal Council as a forum for national oil policy.

The world’s top oil companies have been manoeuvring for years to win a stake in Iraq’s prized oilfields such as Bin Umar, Majnoon, Nassiriyah, West Qurna and Ratawi, all located in the south of the country. (for related story click on [nN17209781])

Companies such as energy giant BP BP.L is keen on working on a range of oil and gas projects in the country, but is waiting for parliament to pass the oil law and for security to improve before boosting its role.

Iraq has said it was targeting oil production of more than 4 million bpd in 2011. A Reuters survey shows that it produced 1.97 million bpd in March, up from 1.89 million bpd in February.

Shahristani said in December that 2006 production averaged 2.3 million bpd.

Originally Posted by tiffany

"Disagreement could delay the country's parliament from passing the law, seen as key to attracting billions of dollars in foreign investment needed to overhaul the industry and boost oil output."

Now what's the problem? Can't they all just get along?

Tiffany , You really didn't think this would go off without a Problem DID YOU? I personally have lost count of the times it was suppose to happen. Looks like they added a couple more loops to the Rollercoaster ride

Originally Posted by bob1940

Tiffany , You really didn't think this would go off without a Problem DID YOU? I personally have lost count of the times it was suppose to happen. Looks like they added a couple more loops to the Rollercoaster ride

Yes, Please! Just this ONCE?!?

Originally Posted by tiffany

"Disagreement could delay the country's parliament from passing the law, seen as key to attracting billions of dollars in foreign investment needed to overhaul the industry and boost oil output."

Now what's the problem? Can't they all just get along?

Makes me wonder if this is a misinfo article. With the article four remark being so exposed, just maybe this is being used to temper the climate.

Originally Posted by wciappetta

Makes me wonder if this is a misinfo article. With the article four remark being so exposed, just maybe this is being used to temper the climate.

I actually asked a friend that exact question (not online right now, I didn't want to bring any negative babble out in the open )....if it is just another spin.

I really don't see Parliament scrapping the whole HCL and having to start over just because the Kurds have their panties in a twist about sharing the $$...too many meetings planned, too many people involved, IC on May 3rd, Oil Summit May 28th...I value your opinion Ward, sock it to me!

I'm thinking ....... SMOKESCREEN!

Originally Posted by choochie

I'm thinking ....... SMOKESCREEN!

Me too...at least I really, REALLY hope so! lol! I'm so ready!