Iraqi Oil Law Agreed
June 21 (LPAC)--The London Guardian reports that an agreement was made last night among Iraqi leaders, on the oil law on which London and Washington have long been insisting. Ashti Hawrami, the minister for natural resources in the Kurdistan regional government, said the deal had been struck after two days of "tough bargaining" with Baghdad. He said it represented "a genuine revenue sharing agreement" which would help unite the country.
Hawrami spoke of two "regulated and monitored" accounts into which external and internal revenues would be deposited. The former would hold oil export earnings and foreign donor money, and the latter, customs and tax revenues. He said the central government in Baghdad would take what it needed, and of the rest, 17% would go to the Kurdistan regional government, and the rest to Iraq's governorates "according to their entitlement."
The deal was announced days after a visit to Iraq by the US defense secretary, Robert Gates, who had criticized leaders for not reaching an agreement.
What the Guardian omits to mention, is that Iraq's oil will be open for looting by foreign oil companies, as is already the case in the north, where the Kurdish regional government has signed separate oil contracts.