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Sea Science warns of loss of momentum due to the investment law of oil
On: Wed, 14/12/2011 7:42
□ Baghdad / follow-up term economic
warned Iraq's oil minister, former Ibrahim Bahr al-Ulum, Tuesday, the loss of Iraq to momentum investment as a result of the continuing differences between the KRG and the central government on the law of oil and gas.
The dispute is between Arbil and Baghdad on 41 contracts, oil and signed by the provincial government since 2007 Until now Baghdad and described the lack of transparency in the signature.
Since the adoption of the Constitution of Iraq, such as oil and gas law the most outstanding issues between Baghdad and Erbil, which is no less important for decision makers in the region on Article 140 of the Constitution on the disputed areas.
Uloum said, told the Kurdish news agency (Rn), that "Iraq has today the momentum of investment and if it wants to maintain this momentum must be consensus and find quick solutions to the files the outstanding issues between Baghdad and Erbil, especially on the law of oil and gas. "
He explained that "foreign companies operating in Iraq, waiting for a legal framework preserves the rights and thus the lack of legislation, the law of oil and gas or delays legitimizes will affect the future of those investments. "
He added Sea of Science that "there is a dispute between the Ministry of Oil in the federal government and the territory on the two first the validity of the region in signing the contracts and the second is the nature of the contracts, and the Oil Ministry has been able to attract major companies from the province of Kurdistan to the south and central Iraq, through the threat of annexation to the black list, so it is necessary that there should be consensus between the parties on the law of oil and gas. "
says the region that the draft law focuses powers, however, the federal government in the management of oil wealth at the expense of the region and the provinces, as it passed by the Council of Ministers, without due process of law.
and press the central government to be the direction of all oil contracts signed by them by the Iraqi Oil Ministry, while demanding greater powers to the region in this regard so that it has the right to sign contracts without reference to Baghdad. The oil imports about 95% of Iraq's budget, but so far nothing in the law regulating the affairs of the country after the failure of the House of Representatives to pass Bdorth previous oil and gas law, which was expected to rise oil situation if approved.
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