Iraqi Parliament Debates Oil Bill

[Heibges]

Sounds a little bit like the end of "Lawrence of Arabia", when they have the argument about who is responsible for keeping on the power.

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/h...st/6616015.stm

Iraq's oil minister says a long-awaited draft oil and gas law has been sent to parliament for approval.

The bill, seen as crucial in regulating how oil wealth is divided among Iraq's ethnic and religious groups, received cabinet backing in February.

A dispute between central government and autonomous Kurdistan over control of the oil has delayed its submission.

The move comes on the eve of a key international conference on Iraq in Egypt, where diplomats from industrialised countries and regional powers will discuss security and reconstruction.

Representatives are expected to endorse the International Compact for Iraq, a five-year plan that grants foreign support in exchange for reforms.

'Greater access'

The draft law seeks to allocate oil and gas revenues equally between Iraq's 18 provinces, in proportion to their populations.

The BBC's Andrew North in Baghdad says there has been criticism that the law gives too many concessions to foreign oil companies planning to invest - a charge Iraq's oil ministry denies.

The deals the Kurds have signed independently with foreign companies have also caused disagreements, with the ministry saying they have to be approved centrally, our correspondent says.

Iraqi Kurdistan suffered decades of repression by Saddam Hussein's regime during which more than 100,000 Kurds are believed to have perished.