Adoption of the existence of a parliamentary political dispute about the draft law of oil and gas

On: Wednesday 11/1/2012 7:08

□ Baghdad / follow-up term economic
adopted parliamentary sources, the existence of differences of political barriers to the adoption of the law of oil and gas, With called on other sources to the need to encourage the investment of other minerals, especially phosphate. The commission said the oil and energy parliamentary she postponed the debate on the draft law of oil and gas within the Commission because of the absence of members of the Iraqi List of meetings.

The Committee had revealed earlier in the preliminary consensus has recently been the province of Kurdistan and the federal government on a new formula to approve oil and gas law, explaining that she was currently working to translate the consensus of the combination of the draft law and its proposal.
and ended the three committees negotiating a joint between Baghdad and Arbil, the end of the month of October first / last October negotiations in Baghdad on the outstanding issues, and raised the three reports to the Prime Minister Nuri al-Maliki.
and said committee member Susan Saad, told the Kurdish news agency (Rn) that the Commission on oil and energy has left the debate on the draft law of oil and gas due to the absence of the Iraqi List, "saying that" the This law is sensitive and needs to the presence of all members and with the absence of the Iraqi List, we can not continue to study the project. "
said Saad that these decisions require a partnership of all the political blocs and if absent Iraq can not be marginalized, "hoping to take part of Iraq in the next meetings in order to complete the this draft law and submit to the Council for a vote.
She said there are claims of urgent legislation to this law, "indicating that" there are many crises occur between the Oil Ministry and the local councils and we need legislation of this law but the law is a compromise must be on all the blocks have to vote it, "noting that" If insisted the Iraqi List, not to attend will have to take our decisions through present. "
Since the adoption of the Constitution, 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.
The dispute is between Arbil and Baghdad on 41 contracts, oil and signed by the provincial government since 2007 and now calls Baghdad the absence of transparency in the signature. and refused Kurdistan recent draft of the Oil and Gas Law approved by the Iraqi government and sent to the House of Representatives for approval.
According to the province, said the draft law focuses powers to the government Federal 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.
The oil imports about 95% of Iraq's budget, but so far nothing in the country's law to regulate its affairs after the failure of the House of Representatives Bdorth previous pass oil and gas law, which was expected to rise oil situation if approved.
to so called member of the Economic Commission Rep. Nora Salem to allow international companies to invest phosphate to be the financial resource is another competitor for oil.
She Salem (agency news): Iraq has wealth of a large metal phosphate as second only to Morocco, and can use this wealth for the advancement of the Iraqi economy, and add a financial resource appointed to the state and the public budget.
and she said is not true that remains the country's economy unilaterally dependent on oil, because the sector, phosphate is important, but neglected year after (2003) as a result of the security conditions experienced by Iraq during that period.
She added that Iraq has significant economic potential phosphates, sulfur and other minerals found under the ground has not been exploited through investment and attract international companies.
The financial budget Iraqi-based rate (95%) on oil revenues the annual return (5%) on tax and other sectors as a result of the deterioration of agricultural and industrial sectors in Iraq.
to that announced the General Authority for Free Zones of the Ministry of Finance has signed a new contract with the company (SKA-ENERGY-EZE ) to trade in oil derivatives.
A source in the ministry (of the Agency news): The project will be held at the Directorate of Free Zones in the Khor Zubair, an area (12000 m). The source added: that the contract is the second contract with this company for trading oil derivatives, which will direct the work by after the completion of legal proceedings with the body.
to that hosted the General Authority for Free Zones Tawfiq inhibitor Yasser incumbent members of the Iraqi Institute for the economy to determine the barriers to work in free zones.
A source in the body (the Agency news) has been discussed many things that hinder the work of the body and reduce of activity and which ones to stop transit system in Iraq in addition to the banking system's complex approach in Iraq, which prevents the completion of several investment projects that will promote the economic reality of Iraq.
The source added: left forum set of recommendations, including holding an economic seminar attended by a group of investors and economic experts in addition to the need to hold a joint meeting between the General Authority for Free Zones and customs, tax and legal department) and under the auspices of the Minister of Finance.
Meanwhile, the agency reported Reuters news agency that futures prices for crude oil the U.S. in electronic trading on the New York Mercantile Exchange on Tuesday, has received support from the positive data on consumer credit and concerns about Iran's threats to close the Strait of Hormuz in the face of the movement of oil, but the extent of the rise of oil continued concerns about the debt crisis the euro area.
The price of U.S. crude light 101.60 dollars a barrel, up 29 cents, after falling 25 cents to 101.31 dollars settled at the previous day. has not yet been trading contracts of Brent blend crude oil, after falling at the settlement on Monday 61 cents to 112.45 dollars.