Go Here for A Copy of The New Iraqi Oil Law

The New Iraqi Oil Law: Leaked

By Raed Jarrar

02/19/07 "ICH" --- - I spent the weekend translating this leaked copy of the Iraqi oil law with Niki (thank you Salam for sending me the link). Translating legal documents can be really hard!

We just finished the translation, and you can download it by clicking here.
http://www.videos1.informationclearinghouse.info/pdf/iraqi_oil_law.pdf

Please feel free to widely distribute this document. It's important to start a stronger debate and to try to educate Iraqis and Americans about this catastrophic law that will facilitate the further looting of Iraqi oil, and will achieve nothing other than increasing the levels of violence and anger in Iraq.

This law legalizes PSAs (production sharing agreements) in Iraq. Iraq will be the only country in the middle east with such contracts privatising Iraqi oil and giving foreign companies crazy rates of profit that may reach to more than three fourth of the general revenue. Iraq and Iraqis need every Dinar that comes from oil sales. In addition to the financial aspects of this law, it can be considered the funding tool for splitting Iraq into three states. It undermines the central government and distributes oil revenues directly to the three regions, which sets the foundations for what Iraq's enemies are trying to achieve in terms of establishing three independent states.

Privatizing Iraq's oil and splitting Iraq into three regions are just two negative features of this 29 pages law. I am translating some important analysis written by Iraqis and other Arabs, and am also working with British and U.S. experts to publish more analysis soon.

http://www.informationclearinghouse.info/article17120.htm

From document:

<snip>

C. Federal Oil and Gas Council

First: To assist the Council of Ministers in creating Petroleum policies and related plans, arranged by the ministry in coordination with the producing provinces and regions, and to put important legislations for exploration and production based on

ARTICLE 9 of this law the ministers council creates an entity to be named "the Federal Oil and Gas Council". The Prime Minister or his/her representative shall be the president of this council, and the council should include:

1- Federal Government’s Ministers from the ministries of oil, treasury, planning, and cooperative development.

2- The director of the Iraqi central bank

3- A regional government minister representing each region.

4- A representative from each producing province not included in a region

5- Executive managers of from important related petroleum companies including the national Iraqi oil company and the oil marketing company

6- Three or less experts specialized in petroleum, finance, and economy to be hired for a period not exceeding 5 years based on a resolution from the council of ministers.

Second: the Federal Oil and Gas Council holds the responsibility of putting federal petroleum policies, exploration plans, fields’ development and main pipelines plans inside Iraq, and this council has the authority to approve any major changes in such plans and policies.

Third: the Federal Oil and Gas Council reviews and changes the exploration and production contracts that give the rights of petroleum operations according to

<snip>

Entire 30 page document here:
http://globalresearch.ca/index.php?context=viewArticle&code=JAR20070220&articleId=4868

Thank you for your work.

Please forward to as many people as you can.

Peace