Reuters
STOCKHOLM, May 29 (Reuters) - There is fresh political will to complete
a long-awaited oil law designed to pave the way for international
investment in Iraq's oil sector, Iraq's deputy prime minister said on
Thursday.
Investment, crucial to developing Iraq's oil resources, has been held
back by repeated delays to the law. The draft being negotiated was first
agreed by the Cabinet in February 2007.
"There is now renewed political will to bring the negotiations on the
legislation to closure," Iraq's Deputy Prime Minister Barham Salih said.
The proposed law would create a framework for investment, Salih said in
a speech to a conference in Stockholm, but he said it could not be hurried.
"Despite the need for the legislation, this is not a matter that can be
rushed. Iraq will need space and time to resolve those issues on the
basis of consensus," he said.
Even without the law, Iraq has begun the process of luring in
international oil firms and its output has begun to recover.
A senior Iraqi oil official said earlier this month, Iraq was on course
to lift shipments to a post-war record above 2 million barrels per day
(bpd).
"Pending the adoption of the legislation, we should work hard to
continue to increase output and exports and negotiate various forms of
cooperation with our partners," Salih said.
Over the next three-to-four years, he said Iraq planned to develop its
capacity to at least 6 million bpd.
(Reporting by Mariam Karouny, writing by Barbara Lewis)
Powered by: http://bisnis-depok.com
