A couple of sources are claiming that the HCL was passed, but that is not true. Dinar Speculators are still waiting for an official approval of the HCL in spite of hte article quoted below. As you can see, it says the Iraqi Cabinet approved it… but it still needs to make it through parliament.
Regardless, it’s a good sign that they are moving forward!
Article below:
The Iraqi government has approve 5a8 d a draft Oil Law. The accord does represent a major rapprochement between Baghdad and the Kurdish Regional Government. However, the initial approval may be the easy part in the process. The draft is only an outline and pressure is building to negotiate details. With additional opposition to the move developing, the prospect of finalizing legislation remains in serious doubt, according to an analysis published by Caspian Investor.
Caspian Investor is published by WorldTrade Executive, Inc. and provides unequaled news and analysis of energy sector developments impacting the countries of Central Asia and the Caspian Sea region. It includes extensive coverage of Iran and some details of Iraq as it impacts regional markets.
That still may happen in practice
The law was approved without any details.
317 The Iraqi Cabinet approved a draft of the long-awaited Oil Law on February 27. The bill now moves to the parliament. Sources told Caspian Investor, however, that significant problems remain in securing passage.
Kurdish Support Vital
That the bill has made it this far is a result only of a last-minute decision by the Kurdistan Regional Government (KRG) to back it. “The support, however, is for a broad outline accord,” one source close to the negotiations told us on February 28. “The details of actually dividing oil proceeds will present a major future obstacle.”
Majority Shiite factions are supporting the initiative, at least in its present general version, with the Sunnis expressing reserved support since they remain included in the partition of revenues from sales. There had been genuine concern among the Sunnis, now a minority of the population and controlling only areas of the country without significant hydrocarbon reserves, that the accord would leave them with no oil revenues.
“That still may happen in practice,” notes a Sunni member of the Oil Ministry. “The law was approved without any details.” According to the draft, oil sales will comprise a single fund controlled by the central government and redistributed throughout the country based on population. The regions will have authority to negotiate and sign contracts within the contract guidelines set out in the law. Unfortunately, the government has yet to propose any of these contract specifics.
Other recent articles in Caspian Investor are:
How Serious is the Iranian Push for a Natural Gas Cartel?
Kazakhstan Enters the Russian M&A Market
An Interview with Vagit Alekperov: The president of Russian crude leader LUKOIL.
For more information on Caspian Investor or its related publication, Russian Petrolem Investor, contact Jay Stanley, +1 978 287-0301. or go to http://www.wtexecutive.com and review the energy section.
Related posts:
- Cabinet oks first draft on investment law
- Oil: The parliament will discuss the oil and gas law during its meetings next Read more: http://dinarvets.com/forums/index.php?/topic/60518-oil-the-parliament-will-discuss-the-oil-and-gas-law-during-its-meetings-next/#ixzz1I6uvz7YX
- Iraq to resign oil contracts with Russia
- Iraq passes election law and makes major banking advances
- Iraqi Parlimentary speaker Ayad al-Samarrai calls for action on the oil and gas law
Is this good for the dinar?
Member of the parliamentary committee ruled out the oil law, and considers him become a “political issue”
14/09/2009 20:40 14/09/2009 20:40
/ Iraq – House of Representatives – Bill /
” Member of the parliamentary committee ruled out the oil law, and considers him become a “political issue”
االنف”. Sulaimaniya, 14 September (AKnews) – exclusion of a member of the Committee on Oil and Gas Council, the Iraqi Parliament, Monday, the approval of oil and gas law by the rotating of the parliament, saying it had become a “political issue.”
Bayazid Hassan
وقا”. He said Bayazid Hassan told Kurdistan News (AKnews) that it was “inconceivable that the ratification of the oil and gas in the rotating of the Iraqi Council of Representatives, despite that the bill an economic issue, it turned into a political issue.”
واو”. “The media turned the subject in 2007 into a political issue,” noting that “there are many Iraqi parties are being urged to discrimination because they believe that the return of major international companies to invest in Iraq mean the re-occupation of Iraq in a new way.”
و”. Hassan added that “there are other parties were not pleased to Iraq’s investment in the oil field, targeting the political process in Iraq to fail, and there are other parties supported the ratification of the draft law and foreign investment in this sector because it serves the interests of all Iraqis.”
و”. “If there is an agreement between the political blocs on the oil and gas law, the law will get votes of the House of Representatives and be ratified in 10 days, but without a political agreement that would not undermine the law of votes required and will remain the same.”
http://translate.google.com/translat…www.google.com
James – yes, the Dinar is being held back by a couple of things. A lot of people say the HCL is very important before an RV.