Economist for /NINA/: The oil and gas law will contribute to distributing the financial returns of Iraqi oil wealth

Economic Affairs Expert, Raad Twaij, called for avoiding the legislation of the oil and gas law and not delving into it, attributing this to the fact that oil is an indivisible, strategic commodity.

Twaij said in a statement to the National Iraqi News Agency (NINA): “It is better for Iraq to avoid the oil and gas law and not engage in it because it harms the whole of Iraq,” attributing this to: “Oil is an indivisible, strategic commodity, and the oil and gas law can lead to dispersion the value of oil wealth.

He pointed out that “several parties are involved in managing the oil wealth, which will contribute to the fragmentation of the financial revenues of the oil wealth and a significant shortfall in oil revenues, which will be difficult to compensate for. The evidence of this is the inability to formulate a law that satisfies everyone, which has continued for many years.”

The Economic Expert continued, “This law may be a reason for illegal monetary claims from Iraq to local and international parties, such as Turkish financial claims from Iraq, taking advantage of its illegal contracts with the Kurdistan region.”

Source: National Iraqi News Agency