October 2, 2024The Iraqi Parliamentary Oil and Energy Committee is working on reviewing and amending the Crude Oil Refining Investment Law of 1964, a ... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
October 2, 2024
The Iraqi Parliamentary Oil and Energy Committee is working on reviewing and amending the Crude Oil Refining Investment Law of 1964, a step that committee members consider necessary to attract local and international investments. But will this amendment really improve the reality of the oil sector in Iraq, or is it just an attempt to market reforms that end a state of chronic stagnation?
Committee member Sabah Subhi pointed out that the old law contained conditions that discouraged investment, which required radical amendments. However, the question remains: Will these amendments solve all the issues that hinder the entry of foreign companies? History shows that many major oil projects in Iraq were not implemented effectively, raising doubts about the effectiveness of any new initiative.
Electronic Payment: Quick Fix or Real Strategy?
In a further step towards reform, the committee expressed its support for the government’s initiative to introduce electronic payment at fuel stations. While this is a positive step towards enhancing transparency and reducing corruption, questions remain about whether these measures will eliminate the rampant corruption in the oil sector, or whether they will remain mere tools to improve the public image without addressing the real roots of the problems.
Economic risks: dependence on oil
Subhi warned that over-reliance on oil creates significant economic risks, especially in light of global price fluctuations. But have actual steps been taken to diversify the Iraqi economy and boost non-oil revenues? Continuing to focus on oil without real solutions to diversify revenues will only lead to more crises in the future.
Subsidized prices: stability or hindrance?
Although the committee is keen to maintain subsidized gasoline prices, these policies may hinder infrastructure development and investment. Will government subsidies continue to weigh on the budget, or will they contribute to sustainable development?
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I believe the answers to these questions lie in the accomplishments that Al-Sudani has already achieved. There is ample evidence that non-oil revenues are already started to support the country in her efforts to wean Iraq of oil primarily. For instance, the ASYCUDA system is in place, the e-government is also, bringing in electronic revenue payments, etc.. Much more is coming and those two things are just the beginning. imo ~ MM | | | |
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