Iraqi parliament passes crude oil refineries' bill
Posted: 30 July 2007
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The Iraqi parliament unanimously passed a bill allowing private investments in crude oil refineries.
MP Bassem Sharif, Al-Fadhila Party member, told Kuwait News Agency that the parliament passed the bill last night.
This bill is the first step towards approving the oil and gas bill, said MP Hassan Al-Sunaid, a United Iraqi Alliance party member.
A statement from the parliament's press office said the crude oil refineries bill will encourage the private sector to expand participation in the industry by building oil refineries. Iraqi and non-Iraqi companies are all welcome to take part in the project on the condition that 70 Iraqis are employed at the refinery.
The investing company, according to the bill, will build the pipelines for its own use. The oil ministry will be responsible for securing these facilities.
The bill also requires the investing company to report periodically to the oil ministry. |
