| 1/19/2007 menafn.com |
| (MENAFN) A spokesman at the Iraqi Oil Ministry announced that Iraqi officials have approved a final draft of a law that will set rules for distributing Iraq's oil wealth and for attracting foreign investments to the war-torn country, Gulf Daily News reported. The spokesman added that the draft, which will be presented to the cabinet soon, calls for a federal committee headed by the prime minister to manage future contracts and to review deals signed under the former regime or by the Kurdish regional government. The US has been strongly urging the Iraqi government to pass a law that sets up clear rules for sharing the oil wealth among Iraq's ethnic and sectarian groups in order to pacify the unstable conditions in the country. The law, if approved by the cabinet and the parliament, will establish a national oil company that ensures centralizing the oil revenues before distributing them over Iraq's regions. |
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