Parliament Passes Law to Privatize Refineries
MISSION ACCOMPLISHED
Measures Designed to Boost Iraq's Capacity, End Fuel Shortages
By BEN LANDO
WASHINGTON, July 25 (UPI) -- Iraq's Parliament has approved a law privatizing the country's oil-refining sector in order to lure investment and stem a fuel shortage.
The law, approved Tuesday, is a step toward relinquishing government involvement in the refining sector and, when poverty is alleviated, moving Iraqi consumers from state-subsidized to market prices for fuel.
Oil Minister Hussain al-Shahristani told United Press International Wednesday from his mobile phone in Baghdad that the government will provide incentives to both domestic and foreign private oil companies whose refinery plans the ministry approves.
"This is a law that will privatize the refining sector in Iraq and allow the private sector, whether it's local or international investments, to be able to invest in refining activities in Iraq, including building refineries," Shahristani said.
The refinery law is not the same as the highly contested oil law, stuck in Parliament, which would govern access to and development of Iraq's vast oil reserves.
By BEN LANDO
WASHINGTON, July 25 (UPI) -- Iraq's Parliament has approved a law privatizing the country's oil-refining sector in order to lure investment and stem a fuel shortage.
The law, approved Tuesday, is a step toward relinquishing government involvement in the refining sector and, when poverty is alleviated, moving Iraqi consumers from state-subsidized to market prices for fuel.
Oil Minister Hussain al-Shahristani told United Press International Wednesday from his mobile phone in Baghdad that the government will provide incentives to both domestic and foreign private oil companies whose refinery plans the ministry approves.
"This is a law that will privatize the refining sector in Iraq and allow the private sector, whether it's local or international investments, to be able to invest in refining activities in Iraq, including building refineries," Shahristani said.
The refinery law is not the same as the highly contested oil law, stuck in Parliament, which would govern access to and development of Iraq's vast oil reserves.
posted by Kangaroo Brisbane Australia at 12:09 AM
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