Iraq Officials Run Into Trouble With Oil Draft Law

Law360, New York (January 29, 2007, 12:00 AM EST) -- Despite months of struggling to put out a new draft of the country’s oil law, the Iraq Oil Ministry revealed last week that unspecified differences among ethnic groups continue to delay its implementation.

The ministry has been trying to reach a compromise over a draft of legislation that would govern Iraq’s oil reserves – thought to be the third largest in the world.

But the controversial law, which would give foreign oil companies 30-year contracts to extract crude oil from Iraq, has faced strong objections by...
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