[LINK] Iraqi law a priority

[stephen at melbpc.org.au]

Hmm,

So, the war can end anytime now ..

Iraqis Reach an Accord on Oil Revenues
By EDWARD WONG  www.nytimes.com Feb 27, 2007

"BAGHDAD, Feb. 26 <snip> - The Iraqi cabinet approved a draft of a law on 
Monday that would set guidelines for nationwide distribution of oil 
revenues, and foreign investment in the immense Iraqi oil industry ..

The law grants regional oil companies or governments the power to sign 
contracts with foreign companies for exploration and development of 
fields, opening the door for investment by foreign companies in a country 
whose oil reserves rank among the world’s three largest. 

Iraqi officials say dozens of major foreign companies, including ones 
based in the United States, Russia and China, have expressed strong 
interest in developing fields or have done some work with the Iraqi 
industry.

If the law is passed, its effect on the oil industry could be enormous, 
assuming that foreign companies would be willing to work here despite the 
violence. Iraq has 80 known oil fields, 65 of which will be offered for 
bids for development contracts, said Hussain al-Shahristani, the oil 
minister. 

Since last year, senior Bush administration officials and top American 
commanders here have said a new oil law is crucial to the country’s 
political and economic development .. and they have pressured Iraqi 
leaders relentlessly to make passage of the law a priority."

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Regards all
Stephen Loosley
Victoria, Australia


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