Iraq's controversial hydrocarbons law ready to be submitted for approval, oil ministry spokesman says
The Associated Press
Published: January 18, 2007
BAGHDAD, Iraq: Iraq's long-awaited hydrocarbons law, which could attract huge investments from foreign oil companies, has been drafted and will be submitted to the Iraqi cabinet for endorsement next week, the oil ministry said Thursday.
Ministry spokesman Assem Jihad said that once the draft law is endorsed by the Cabinet, then it will go to the parliament for final approval.
"We hope the ratification of this law will be achieved no more than one month from now. This law is considered a major national project and achievement," Jihad told The Associated Press in a phone interview.
A spokesman expressed hope the legislation, which seeks to draw the legal framework for sharing the county's oil wealth, could be ratified with a month.
The law is expected to encourage foreign oil companies with their huge investment clout and technology to quickly modernize Iraq's oil sector and meet the country's goal of doubling the current crude production of 2.5 million barrels per day by 2010.
LinkHere
Published: January 18, 2007
BAGHDAD, Iraq: Iraq's long-awaited hydrocarbons law, which could attract huge investments from foreign oil companies, has been drafted and will be submitted to the Iraqi cabinet for endorsement next week, the oil ministry said Thursday.
Ministry spokesman Assem Jihad said that once the draft law is endorsed by the Cabinet, then it will go to the parliament for final approval.
"We hope the ratification of this law will be achieved no more than one month from now. This law is considered a major national project and achievement," Jihad told The Associated Press in a phone interview.
A spokesman expressed hope the legislation, which seeks to draw the legal framework for sharing the county's oil wealth, could be ratified with a month.
The law is expected to encourage foreign oil companies with their huge investment clout and technology to quickly modernize Iraq's oil sector and meet the country's goal of doubling the current crude production of 2.5 million barrels per day by 2010.
LinkHere
The "revelation" of the 30-year contracts "will raise Iraqi fears that oil ... invasion is also highlighted: "Oil revenues, which people falsely claim that ...
It would give big oil companies such as BP, Shell and Exxon 30-year ... Tony Blair denied the "false claim" that "we want to seize" Iraq's oil revenues. ...
The mounting U.S. military presence in Afghanistan and other Central Asian countries may enable Chevron, Exxon-Mobil, UNOCAL, and other giant corporations to lay claim to "the number-one prize in world oil." But the extension of U.S. military power and economic domination into this region comes with very grave risks
posted by Kangaroo Brisbane Australia at 6:58 PM
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