A Collaboration with the University of Pittsburgh

New oil law needed in Iraq: US Treasury official

[JURIST] The Iraqi legislature's failure to pass an oil law [JURIST news archive], rather than the security situation in the country, is preventing international oil corporations from investing in Iraq, US Deputy Treasury Secretary Robert Kimmitt [official profile] said Tuesday. Kimmitt explained that companies are looking for the law to establish a firm investment framework with clear regulations before moving into Iraq, and are less concerned with security issues, with which the companies are used to dealing.

Negotiations on a controversial Iraqi oil bill on regulation and revenue-sharing collapsed in September [JURIST report] because of Kurdish opposition on the issue of control over oil fields in Kurdish-ruled areas. The oil law is one of 18 benchmarks established by Public Law 110-28 to measure US success in Iraq. Several recent reports, including the White House's Initial Benchmark Assessment Report [text; JURIST report] and a report [text, PDF] released in September by the US Government Accountability Office, conclude that the Iraqi government has not met most of those legislative, security, and economic benchmarks. AP has more.

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

© Copyright JURIST Legal News and Research Services, Inc., 2013.