IRAQI PARLIAMENT PASSES OIL PROFITS DISTRIBUTION LAW

Good news: The Iraqi Parliament has finally come to an agreement and passed a law on how to distribute its national oil profit. This has been one of the most controversial subjects with which the Iraqi government has had to deal. The fact that this issue is settled is, in its own way, more important than the success of the surge.

That is, as long as the people accept the law:

The Iraqi Prime Minister said that the Iraqi Cabinet accepted a draft law which states how Iraq's oil profits will be shared, it will also outline terms of how foreign oil agencies will be able to operate in the country, Iraq Development Program reported.

Under the terms of the new draft law, the Iraqi National Oil Company (INOC) will be independently functional and joined with oil companies around the country.

Iraq's Deputy Prime Minister stated that the oil sector's profits will be put in a central account and distributed according to population and that the draft law will be put into action by the end of this month.

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