DUBAI (Reuters) -Iraqi cabinet will present an oil law to parliament next week that aims to lure billions of dollars in foreign investment, the country’s oil minister said on Wednesday.
“It will be ready next week to be presented to parliament,” Hussain al-Shahristani told reporters in Dubai in the United Arab Emirates.
He said that all political blocs in the Iraqi parliament had agreed to try to pass the law before the end of May.
About 60 Iraqi parliamentarians and experts began a meeting in the United Arab Emirates on Wednesday to discuss the war-torn country’s oil law that will give its regions the right to negotiate with global firms on developing oilfields.
In February Iraq’s cabinet endorsed the draft oil law, which is awaiting parliament’s ratification, regulating how wealth from the country’s vast oil reserves will be shared by its ethnic and sectarian groups.
The OPEC member has the world’s third-largest proven oil reserves and needs billions of dollars to revive its oil sector, which is crucial for rebuilding its shattered economy.