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Ashti Hawrami: Kurdistan Region Oil and Gas Law

MON, 6 AUG 2007 17:30 | KRG Cabinet

Today is a proud day for the people of the Kurdistan Region. This is a historic moment. In years to come, we will look back and see the passage of this law as a turning point in the fortunes of our Region. The law is the result of a high level of cooperation between the Ministry of Natural Resources and many other Government branches, in particular the Ministry of Justice, and the Kurdistan Parliament’s Legal Committee and Finance-Economic Committee. This Law is a true expression of the diverse but unified aspirations of the people of the Kurdistan Region.

With this Law, we will be able to cooperate as equal partners, with the rest of Iraq. We will also have a clear, transparent legal structure for our negotiations with investors: our mutual rights and responsibilities will be clearly established, consistent with the very highest international standards. Under the Constitution of Iraq, oil and gas management is primarily a Regional right, and our success depends upon us exercising that right. This Law of the Kurdistan Region is the embodiment of that right.

This Law is based upon the rights afforded to Regions by the Iraq Constitution and is an expression of federalism. The rights of the Kurdistan Region established by this Law, in the name of the Iraq Constitution, are exactly the same as the rights of regions in all successful petroleum producing federations around the world. Those federations include the United Arab Emirates, Canada and Australia. In other words, we are in step with world’s best practice. In establishing control of our oil resources, we proudly join the community of cooperative federations around the world.

Already many citizens of the Region have seen the benefits of international investment in our Region. This is just the beginning. We must be careful and wise, but we must also be ambitious. We are well positioned to help those in the rest of Iraq, and our other neighbors, share in this success. With the Law passed, the Kurdistan Regional Government will proceed with the promotion of investment opportunities in the Region.

I also echo the words of the Prime Minister in saying that, with the passage of this Law, the Kurdistan Regional Government will redouble its efforts to ensure that the Federal Revenue Sharing Law and the Federal Hydrocarbon Law proceed through the federal parliament. The drafts of those two Federal Laws were agreed in February and June this year: there is no reason now for them to be delayed, and we must set aside recent unauthorized interventions. These agreed draft Federal Laws are consistent with the Iraq Constitution, and consistent with this Kurdistan Law. Those two Federal laws, like this Kurdistan Oil and Gas Law, will allow us to voluntarily cooperate with the rest of Iraq on oil management and revenue sharing and will ensure just and equitable distribution of revenue to all the peoples of Iraq.

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Statement by PM Barzani: Kurdistan Region Oil and Gas Law

MON, 6 AUG 2007 17:42

Today’s action by the Kurdistan National Assembly in passing the Kurdistan Region Oil Law is a historic moment that will be remembered for years to come. I thank the Members of the Assembly, the Ministry of Justice, and in particular the Minister of Natural Resources, Dr. Ashti Hawrami for their hard work and dedication.

Kurdistan Oil and Gas Law approved by Kurdistan Parliament

MON, 6 AUG 2007 17:36

Prime Minister Nechirvan Barzani hailed the Kurdistan National Assembly’s passage of the Kurdistan Oil and Gas Law as a “historic moment” that, “together with the Iraq Constitution, will be the foundation of our economic development,” and will allow the Kurdistan Regional Government to “chose the best, most experienced, the most committed investors” for the Region.