The government is working towards approving the oil and gas law, with consensus being a requirement, as confirmed by the Ministry of Oil on Tuesday.
Assem Jihad, a spokesman for the ministry, told the official agency that “the government is committed to approving this law within the current government session.” He added that “the ministry prepared the oil and gas law and submitted it to the government, and this law was discussed by the concerned authorities and the team formed by the regional government.” Additionally, it is covered in the government curriculum.
“The oil and gas law is designed to manage Iraq’s oil wealth and ensure its fair distribution. This will help to optimize the investment of national wealth, support sustainable economic development, and boost the Iraqi state treasury. As a result, the government and the ministry are committed to approving this law.”
The government has allowed for extensive discussions regarding the oil and gas law, and the ministry hopes it will be approved. The minister stated that all perspectives are respected, and emphasized the importance of prioritizing national interests.
According to him, there were multiple discussions between the authorities involved. However, the Ministry of Law drafted and amended the legislation in a way that benefits the public interest. Now, the government needs to submit the draft law to the House of Representatives for approval after reaching an agreement.
He noted that for the oil and gas law to be approved, consensus is needed, and that the ministry drafted the law and met with concerned parties. The political aspect remains with the concerned parties.