Iraqi officials fail yet again to reach compromise on draft oil law

AP: Iraqi officials fail yet again to reach compromise on draft oil law

The Associated Press
Published: January 27, 2007

BAGHDAD, Iraq: Iraqi officials say a hotly debated proposed oil law will not favor
Americans but acknowledge that foreign companies will be allowed to take their profits
out of the country — an incentive to draw foreign investment.

The Oil Ministry has been struggling for months to reach a compromise over draft
legislation to govern Iraq's most important industry and pave the way for much-needed
investment and know-how to revitalize the devastated infrastructure. But the measure
faces strong objections by ethnic Kurds and concern about American influence in the
sector.

Trade Minister Abed Falah al-Sudani told The Associated Press that American companies
will be among those bidding for contracts under the proposed law and the Iraqis will
"take the best offer ... and take into consideration the experience of the company."

In Washington, White House spokesman Trey Bohn said Saturday: "This development
is part of the give and take of the parliamentary process. Iraqis are taking the lead
in securing their own future and it's reasonable to expect not all parties are going
to agree on the best way to do that."