Legal Roadblocks for Iraq’s Oil?

[k98nights]

Legal Roadblocks for Iraq’s Oil?

Posted on 06 July 2011. Tags: hydrocarbon law

UPI reports that lawmakers in Baghdad have been asked to ban future oil contracts until a federal law on the energy sector is passed.

Adnan Janabi, chairman of the Iraqi Parliament’s Oil and Energy Committee, called on legislators to ban future oil contracts until they can pass a federal hydrocarbon law.

The country’s Oil Ministry has 12 service contracts signed with foreign energy groups; those contracts came through three international licensing rounds that went ahead despite Iraq not having a federal hydrocarbon law.

Baghdad said the contracts are legitimate under a constitution enacted after the U.S.-led invasion in 2003 that says only Cabinet approval is needed. Janabi, however, said there are various interpretations of the law, though he reportedly said that all oil contracts need the approval of Parliament.

The Kurdistan Regional Government in 2007 passed a unilateral oil and gas law in order to dole out contracts to foreign oil companies despite warnings from Baghdad that the contracts would be considered illegal.

(Source: UPI)

http://www.iraq-businessnews.com/2011/07/06/legal-roadblocks-for-iraqs-oil/

[TPSprayduster]

Knight it is called trying to get a kickback bicker and delay over a law that really has no meaning. I am sure they will abide by the law LOL.if they ever pass it. Kurdistan will show baghdad the middle finger since they have autonomy they will invite US troops to stay. Since the rest of the country has decided to contiue to resume blood letting. Let it all gone down in flames but keep Kurdistan in tact.

[FRUSTRATED]

If those IDIOTS cancel one contract because of their rediculous politics you will most all investors run for the hills!!!!

[HYDRANT]

i dont know whats right here----but that hcl law needs to get passed