On Tuesday, Nazem Al-Shibli, a member of the Oil, Gas and Natural Resources Committee, emphasized the importance of the government expediting the submission of the oil and gas law to the committee for review and approval. This is necessary to regulate the speed of revenue generated from the sale of oil.
In an interview with the media, Al-Shibli stated that the Oil and Gas Law governs the process of extracting oil and managing the oil revenues in compliance with the Iraqi Constitution’s provisions on the distribution of natural resources.
“The government must submit the oil and gas law for review and approval in the House of Representatives to regulate the pace of oil exports,” he said.
He stated that passing the law is enough to solve conflicts between the region and the center. He emphasized that expediting the approval of the oil and gas law is essential to ensure the export, sale, and investment of Iraq’s oil resources, rather than leaving them unregulated.
In a prior statement, former MP Jassem Al-Bayati accused the Kurdistan Region of hindering the passage of any agreed-upon formula concerning the oil and gas law. He pointed out that one of the primary reasons for the delay in enacting the law is the widespread corruption in the Kurdistan oil sector.
