Five Oil and Gas Laws in Parliament
9/5/2024 Baghdad
The subcommittee on legislation and laws in the oil and gas sector within the parliamentary oil committee continues its efforts to update the laws related to this important sector, with the aim of improving the investment environment in Iraq.
Member of the Oil and Gas Committee and head of the subcommittee, Ali Shaddad Al-Fares, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “the committee has five laws and legislations related to the oil and gas sector, including the refineries or liquidation law, regarding which more than one meeting was held.”
He pointed out that "the law is now in the General Secretariat of the Council of Ministers to proceed with amending it, so that there will be greater privileges for investors in the refining and petrochemicals sector to enter Iraq."
Al-Fares continued, "The draft law on smuggling petroleum derivatives needs some amendments, as does the law on hydrocarbon wealth," noting that "there is what is called the general law system in the management of the Ministry of Oil, in addition to 70 decisions of the dissolved Revolutionary Command Council that need legal adaptation to cancel some decisions and convert others into laws, as some of these decisions are still effective and important and must be legally adapted." LINK
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