UK Press: Iraqi Political Parties Reach Oil Revenue Pact
Source: www.gulfoilandgas.com 8/30/2006, Location: Middle East
Iraq's main political factions have hammered out an agreement on the sharing of oil and gas revenues but other contentious issues need to be resolved before a draft hydrocarbon law is completed, the Financial Times reports Wednesday, citing a senior Iraqi official.
Oil and gas revenues would be shared out at the federal level and redistributed to the regions according to population and "needs," said Deputy Prime Minister Barham Salih.
This would still provide an incentive to regional oil companies to maximize output.
