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Statement by PM Barzani: Kurdistan Region Oil and Gas Law
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.
We have all waited a long time for this day. Over the decades, oil in the Kurdistan Region has been more of a curse than a blessing. The people of the Kurdistan Region have never benefited from our natural resources. Successive governments in Iraq have deliberately left our oil in the ground as an effort to keep our people poor and to deny our aspirations for a better way of life.
Today, with the passage of this new Kurdistan Law in a federal Iraq, we know that those days are gone. The Constitution of Iraq, supported by more than 99 per cent of voters in the Kurdistan Region, gives us control over our oil. Together with the Iraq Constitution, the Kurdistan Region Oil and Gas Law will be the foundation of our economic development.
This Law is therefore good for the people of the Kurdistan Region. Under this Law, domestic and international investors can come to the Kurdistan Region, generate revenue, bring jobs and training and opportunities to us and our children. The Kurdistan Regional Government (KRG), for its part, will be able to choose the best, most experienced, the most committed investors for our region who can bring us prosperity and share in our success. Together, we will build a bright future for our people.
The new Oil Law is not only good for people in the Kurdistan Region -- it is good for all Iraqi people. Consistent with the Iraq Constitution, this Law requires us to share revenue with the Federal Government and other Regions in Iraq just as other regions of Iraq will share their revenues with us.
We will receive 17% of all revenues from all oil production in all of Iraq. The process by which these funds are shared will be open and transparent. We will be able to depend on this revenue, to know when it is coming, and to plan our budgets accordingly. This law is the concrete embodiment of our commitment to a federal, democratic and pluralistic Iraq. We are giving much to Iraq, and we are receiving much in return.
The process of negotiation with Baghdad on the Hydrocarbon Law and the Revenue Sharing Law has taken us many months. While progress has been made, there are still obstacles to be overcome before a final agreement can be reached. After lengthy negotiations, and agreement, on the final drafts, the draft laws were sent to the Shura Council in Baghdad to be legally formatted. However, the Shura Council overstepped its mandate and instead made substantive political changes that contravened the agreement between the KRG and the Council of Ministers in Baghdad. This has caused a serious delay in the process.
If the Iraqi government and parties remain true to their word, as we have here, then the dreams of prosperity and stability that have guided us for years can come true. We are leading the way, through the passage of this Law, and showing others in Iraq and the international community that we can cooperate, we can develop, and we can succeed.
We in Kurdistan must lead from the front. We must demonstrate by our actions, not just words, that we are committed to bringing wealth, fairness, transparency, and accountability to Iraq. We must show the rest of Iraq what can be achieved with hard work, pragmatism, and strong, businesslike ethics.
This is a great and historic day for the people of the Kurdistan Region and I congratulate the Kurdistan National Assembly on its excellent work. Our bright future lies before us thanks to your efforts.
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