LOC10:17
07:17 GMT
BAGHDAD, July 25 (KUNA) -- The Iraqi parliament unanimously passed a bill
allowing private investments in crude oil refineries.
MP Bassem Sharif, Al-Fadhila Party member, told KUNA that the parliament
passed the bill last night.
This bill is the first step towards approving the oil and gas bill, said MP
Hassan Al-Sunaid, a United Iraqi Alliance party member.
A statement from the parliament's press office said the crude oil
refineries bill will encourage the private sector to expand participation in
the industry by building oil refineries. Iraqi and non-Iraqi companies are all
welcome to take part in the project on the condition that 70 Iraqis are
employed at the refinery.
The investing company, according to the bill, will build the pipelines for
its own use. The oil ministry will be responsible for securing these
facilities.
The bill also requires the investing company to report periodically to the
oil ministry.(end)
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