BAGHDAD, Aug. 29 (UPI) -- Iraqi leaders need to approve the draft oil and gas law because oil wealth is the "only source" available to rebuild the country, a Shiite lawmaker said.
The Iraqi Cabinet during the weekend approved a draft oil and natural gas law and passed it on to Parliament for endorsement. The agreement would trump existing laws governing the country's oil and gas, a government spokesman said.
Iraq has been without a hydrocarbons law that would spell out who controls what in terms of oil wealth in the country. Despite the political stalemate regarding the law, major oil companies continue to flock to the country, landing nearly a dozen deals in energy-rich Iraq.
Mohammed al-Sayhood, a lawmaker in the Shiite Iraqi National Alliance, told the Voices of Iraq news agency the issue was politicized but important for the country.
"The oil and gas law is important because it is the only source to build Iraqi economy and infrastructure," he was quoted as saying.
Draft measures had been considered since 2007. Iraq is preparing for another round of auctions in January. Lawmakers are set to review the draft after celebrations marking the end of Ramadan conclude.
