Kurds refuse to allow oil fields to lie fallow

For months, the Iraqi Parliament has wrangled over a package of laws that would govern the development of Iraq’s oil industry and determine a basis for dividing oil revenues among Iraq’s three largest groups: Kurds, Shiites and Sunnis.

Although the Iraqi Cabinet approved draft legislation in June, Kurds and Sunnis have rejected it as giving too much power to a yet-to-be-established national oil company. Kurds want greater control over their own fields – not surprising since they could be some of the richest in the world.

APTimes