IDENTIFYING THREE FACTORS FOR THE SUCCESS OF INVESTMENT IN IRAQ.. WHAT IS THE RELATIONSHIP BETWEEN THE OIL AND GAS LAW?
Today, Thursday (October 5, 2023), economic affairs expert Nasser Al-Kinani determined the importance of approving the oil and gas law, and whether its delay has an impact on the expansion of investment projects in the country.
Al-Kinani told “Baghdad Today”, “Approving the oil and gas law has nothing to do with expanding investment projects. This law aims to regulate the oil and financial relationship between the center and the region, as well as managing Iraqi wealth in all governorates equally, without any discrimination.”
He stated that “the expansion of investment projects depends on the issue of security and political stability, and this stability exists and is an encouraging factor. It also depends on investment laws, which need amendments in order to facilitate investment, as well as the necessity of eliminating cases of blackmail and bargaining in front of investors.”
The Oil and Gas Law has been stagnant since 2005, as the law is supposed to guarantee the management of the country’s oil wealth from north to south according to a single policy and strategy that is fixed and fairly.
The law allows the formation of a national oil company concerned with managing the oil file in the country, while disagreements are still swirling over the interpretations of paragraphs that are supposed to be included in the law and are fundamentally disputed in the constitution, namely the management of current fields and whether the fields are managed in partnership with the federal government, local governments, and the region for fields discovered in the past. Or the newly discovered one as well.
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