Kurdistan Parliament approves oil and gas law and the fund is a private board of his
Kurdistan Parliament approves oil and gas law and the fund is a private board of his
01/04/2015 4:40 p.m.
Long-Presse / Erbil
Poverty Kurdish Parliament on Wednesday, the oil and gas revenue fund for the Kurdistan region law, while pointing out that the law provides for the allocation of two dollars Be each barrel, confirmed the formation of the board of a private thus have important powers to certification and inspection of oil and gas revenues in the region.
And said a member of the Kurdistan Regional Parliament, Salar Mahmoud, in an interview with the (long-Presse), that “the House of Representatives poverty oil and gas revenues fund return of the Council of Ministers of the Kurdistan region,” adding that he “will be put oil revenue source from the Kurdistan region which according to the law project which was voted on today. ”
He Salar, that “the law provides for the allocation of two dollars for every barrel of the realms and the oil-producing districts,” pointing out that “the meeting decided to form the board of a private fund revenue, comprising six people, will be the ratification of the appointment by the Parliament of Kurdistan.”
He Salar, that “the Authority will have the task of the powers is documented oil and gas revenues in the Kurdistan region and audit with the help of international companies and organization Transparency Initiative and management of oil revenues in Kurdistan by investing in a range of investment areas that are identified by the Council of Ministers.”
The provisions of this Act shall apply to the financial revenues obtained by the Ministry of Natural Resources by the provisions of the oil and gas law for the province, as well as derived from the federal government relating to oil and gas and financial derivatives imports.
The Kurdish Parliament has to vote on the bill in the (ninth of March 2015), which included 16 items, while finished the preliminary reading of the project during one of its meetings in June last year.
It is said that the fund has no relationship to the Convention on the oil between Erbil and Baghdad and that he would not be a factor to address the economic crisis in the region, although the Ministry of Finance will be funded from the Fund.
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