Iraqi draft oil law to offer oil transparency
Legal World
An Iraqi cabinet-level committee proposed a draft law Friday that would allow the national government in Iraq to control oil revenues. Negotiations concerning the draft law have been a source of tension in Iraq for months as most Kurds and many Shiites want to retain control of the country's oil resources. On the other hand, Sunni Arabs, who do not dominate the oil-rich regions of the country, insist on central oversight.
Recent debate has centered on the establishment of a federal committee, called the Federal Oil and Gas Council, to review oil contracts. Kurds did not want to give the committee the power to "approve" contracts, so the draft law instead allows regions to initiate and guide the process of awarding oil contracts and gives the committee the power to review and reject contracts. The Iraqi cabinet and the country's parliament must approve the draft before it becomes law. If the draft passes, enforcement might prove difficult in Iraq's wartime environment.
Related listings
-
Mexico extradites cartel kingpins to US
Legal World 01/20/2007Mexico extradited drug kingpins Osiel Cardenas and Hector "El Guero" Palma and thirteen other major traffickers to the United States Friday as part of an effort by new Mexican president Felipe Calderon to follow through on a promise made by former Pr...
-
UN SG Ban concerned over stalled Hariri tribunal
Legal World 01/18/2007[##_1L|1321714338.jpg|width="107" height="107" alt=""|_##]UN Secretary-General Ban Ki-moon said Wednesday that he is concerned about the status of ongoing discussions between the UN and Lebanon on the proposed UN-supported international tribunal to t...
-
Iraqi leaders agree on draft oil law
Legal World 01/18/2007Iraqi officials have agreed a final draft of a law that sets rules for sharing Iraq’s oil wealth and aims to bring in billions of dollars of foreign investment to rebuild the mainstay of the economy. But crucially, international oil firms waiting f...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.