The Iraq parliament's oil and energy committee has called for lawmakers to ban the Baghdad central government, as well as regional and provincial governments, from signing any new oil and gas contracts until a long-delayed hydrocarbon law is enacted.
The Iraq parliament's oil and energy committee has called for lawmakers
to ban the Baghdad central government, as well as regional and provincial
governments, from signing any new oil and gas contracts until a long-delayed
hydrocarbon law is enacted.
The committee officially submitted a statement to the Parliament, a copy of
which was emailed to Dow Jones Newswires Monday, urging lawmakers to pass a
decision prohibiting any new oil and gas deals until the law is passed.
According to the document, the committee has asked lawmakers to pass the
following decision: "The council of deputies (parliament) hereby has
decided to postpone the process of initialing any new contracts regarding
production of crude oil and natural gas and hasten the legislation of oil and
gas law."
The Iraqi constitution of 2005 calls for the enacting of an oil and gas law. Political
leaders agreed to a draft law in 2007, but it never moved past being debated as
lawmakers have yet to agree on it.
Over the last two years, the
Iraq
central government has signed some 13 oil and gas deals with international
companies without approval from the Iraqi parliament.
The government is arguing that these deals are based on old laws enacted during
the former Iraqi Leader Saddam Hussein's regime which don't need the parliament
approval.
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