Repealing Kurdistan’s oil and gas law will cost Iraq billions of dollars
Shafaq News / “Gibson Dunn” International Law Office warned, on Sunday, Iraq against taking any action against the oil companies operating in the Kurdistan Region in accordance with the decision of the Federal Supreme Court ruling that the oil and gas law of the region is unconstitutional, indicating that the companies will sue Baghdad for tens of billions of dollars. as compensation.
The office specialized in issues of international oil and gas companies, which is based in the United States of America, expressed a legal opinion regarding the dispute between Erbil and Baghdad over the recent Federal Supreme Court decision unconstitutional of the oil and gas law for the Kurdistan Region and the federal government’s actions to implement it.
The office said that “it is likely that this intervention from the Iraqi government will prompt international oil companies to file legal cases against Iraq, and investors affected by the decision will demand compensation with the international legal community, especially through contractual arbitration agreements in accordance with the terms of contracts signed with the Kurdistan Region and arbitration procedures in accordance with international investment agreements.
He added, “Iraq will also be subject to legal accountability for violating the contracts signed with the region in the event that it takes any action that ends or changes these contracts, and will also be prosecuted for violating the stabilization and stability clause (provided in the contracts for the regional government), if any action is taken that would change the financial conditions. economic or economic emanating from laws or regulations in force at the time of signing these contracts.
The office cautioned that “due to the presence of many international oil companies operating in the Kurdistan Region associated with long-term contracts with the regional government (more than 30 companies), the damages that Iraq may incur as a result of these issues may reach tens of billions of dollars or more.”
On February 15, 2022, the Federal Supreme Court, the highest judicial authority concerned with interpreting the Iraqi constitution, issued a decision that the Kurdistan Region Oil and Gas Law No. 22 of 2007 was unconstitutional.
Shafaq.com
Shafaq News / The leader of the “state forces” coalition, Ammar al-Hakim, confirmed on Saturday that the coordinating framework, which includes Shiite political forces, is “quickly” serious about the nomination of the Prime Minister for the next federal government, reiterating his call to the Kurdish forces to agree on a candidate for the position of President of the Republic.
Shafaq News / The Shiite coordination framework of Shiite forces, with the exception of the Sadrist movement, confirmed on Sunday that the meeting of the Presidency of the House of Representatives with heads of political blocs will set a date for holding the presidential election session, expected to be held next Thursday.
Shafaq News / The former deputy, who is close to the Sadrist movement, Fattah al-Sheikh, claimed today, Sunday, that the head of the State of Law coalition in the coordination framework, Nuri al-Maliki, speaks in a tone more severe than the audio recordings attributed to him, in private meetings.
The leader in the coordination framework, MP Ahmed Al-Asadi, revealed, on Wednesday, the direction of the framework to resolve the nomination of the President of the Republic immediately after the Eid al-Adha holiday, indicating that the framework is still committed to its alliance with the National Union and supports dialogue with the Democratic Party to resolve the situation.
Information/special… A member of Al-Hadaf Center for Strategic Studies, Haitham Al-Khazali, confirmed, on Tuesday, that the outgoing Prime Minister, Mustafa Al-Kazemi, is trying to activate the regional acceptance factor and turn it into a pressure card on the political blocs in order to renew him for a second term.
Information / Baghdad… A member of the State of Law coalition, former MP Rasul Radi, confirmed that the coordinating framework confirms its rejection of Al-Kazemi’s presence in power, and he also stands against any proposal to renew the mandate for this personality to manage the next stage.
Information / Special… The representative of the Al-Fateh Alliance Intisar Al-Jazaery announced, on Tuesday, the deadline for the coordination framework for the Kurdish political forces to choose the personality of the President of the Republic, revealing a future step that the framework will resort to if those parties do not agree to present a candidate.
Information/special… Member of Al-Fateh Alliance, Suhaila Al-Sultani, confirmed, on Monday, that the issue of reducing the dollar exchange rate is soon after collecting the signatures of 100 deputies to vote on reducing it under the dome of the House of Representatives.