Iraqi Kurds agree on oil revenue sharing measure

June 22, 2007 21:41


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Iraqi officials said Friday that a US-backed oil law proposal will soon be returned to the Cabinet for approval after Kurdish leaders agreed to a compromise revenue sharing measure, although many key sticking points are unresolved and not addressed in a much-watered down piece of legislation. The bill called for two accounts to be established, one in which revenues from oil exports would be deposited and another consisting of customs and taxes. The central government in Baghdad would take from the accounts what its needs to cover the national budget while the rest would be distributed among Iraqi governates and regions, according to the draft, which was posted on the Kurdish government's Web site. The self-governing Kurdish region in northern Iraq would get 17 percent of net revenue and the rest would be distributed according to population elsewhere in the country "to meet the needs of the governates not organized as regions," the regional government said in a statement. "The distribution of the revenue shall be monthly and automatic, which will achieve a just and fair allocation for every part of the country whether it has oil or not," it said.

Related Content

Supporters of Egyptian President Abdel Fattah al-Sisi in Tahrir square after presidential election r
July 17, 2018
Egypt to offer citizenship to foreigners for $400,000 deposit