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Oil and Gas law will be passed without Iraqiya if needed says Committee
10/01/2012 15:38 BAGHDAD, Jan. 10 (AKnews) - Debate on draft hydrocarbon legislation has been postponed by the Oil and Gas Committee of the Iraqi Council of Representatives because of the continued absence of Iraqiya List members
The law needs the approval of all parties to be passed. On Jan. 3 the committee revealed it an initial agreement between the Kurdistan Regional Government and the federal government had been reached on a new formula to approve the law.
Baghdad and Erbil ended three negotiation sessions in Baghdad at the end of October with outstanding issues..
Committee member Susan al-Saad told AKnews that Iraqiya cannot be marginalized and "we hope it to participate in the coming meetings to complete this draft law and submit it to the Council of Representatives to vote on."
"There are calls for urgent legislation since this issue is causing crises between the Oil Ministry and local governments. If Iraqiya insists on not attending then we will have to decide without its presence," she added.
The tension increased recently between the governments of Baghdad and Erbil after the KRG rejected a draft Oil and Gas Law approved by the federal government in August. The Region believed the draft gave too much power to Baghdad in terms of managing oil contracts and income, and would be at the expense of the Region.
Oil revenue constitutes about 95% of Iraq's budget, but so far there is no law that determines who gets to sign what kind of contract with oil companies. Without legislation the KRG has been signing contracts which Baghdad views as illegal and invalid. a hydrocarbon law is desperately needed to provide the stability needed to entice more investment to Iraq's oil industry.
By Yazn al-Shummari
Work like you don't need the money,
Love like no one has ever hurt you,
Dance like no one is watching,
Sing like no one is listening,
Live as if this was paradise on Earth
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[CENTER][COLOR=#b22222][B][SIZE=3]"Truth is everlasting, but our ideas about truth are changeable. Only a little of the first fruits of wisdom, only a few fragments of the boundless heights and depths of truth, have I been able to gather"[/SIZE] [/B][/COLOR][/CENTER]