Southern Iraq’s al-Ahdab OIl Field’s investment law abolished

BAGHDAD / IraqiNews.com:  The Iraqi Parliament has abolished the law governing an investment in southern Iraq’s al-Ahdab Oil Field, signed during the former Baath regime, in response to a request by the Oil Ministry, its official spokesman said on Monday. “Parliament has abolished the law on the development of al-Ahdab Field, No. 22 of 1997, ratified by the National Council of Iraq’s former regime, granted to the Chinese Oil Company, through a joint production partnership with the developing company,” Assem Jihad told IraqiNews.com news agency. The “Company had failed to implement the work in the said field, due to the international boycott imposed on Iraq at that time. This has necessitated the Oil Ministry to restore talks with the company after 2003, hoping to find another draft for the contract and  to demand the Parliament to abolish the previous law,” Jihad said. “The Ministry reached a new form for a contract that served the Chinese Company in 2008, in order to enable al-Ahdab Field to become the first oil field invested in by a foreign company,” Jihad said. The “service contract, signed by the Ministry does not necessitate the issuance of a law for signing. As such, the ministry was satisfied with sending the demand to abolish the previous decision to the Parliament, which had originally ratified it,” he noted.   SKH (TR)/SR 619