The Ministry of Oil called for a meeting to discuss the draft amendment to the Investment Law for Refining Crude Oil No. 64 of 2007, attended by members of the Legislation Committee in the Parliamentary Oil, Gas and Natural Resources Committee.
The Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, confirmed in a statement: “The meeting discussed proposals to amend the law on investment in refineries, due to its positive repercussions on developing the refining sector, and thus supporting the economy and developing resources.”
Younis pointed out: “The law as a project is part of the government program, explaining that the law had previously witnessed two amendments, and the Ministry seeks to make new amendments that encourage investors to participate in implementing investment refinery projects.”
The Undersecretary pointed out that the purpose of making the amendments is to give the law economic feasibility, in addition to making the law attractive to investment, by creating an inve
stment environment that leads to achieving the desired goals.
The Undersecretary explained that the efforts of all parties are continuing to complete the draft that is being prepared to amend some paragraphs, and add new paragraphs, to secure the technical, economic and financial aspect of investment activity in the refining sector, in addition to that, adding a paragraph to protect the ownership of investors in this sector was discussed, considering that work in this activity continues for long periods of time.
The Undersecretary indicated that the Ministry has future strategic plans to implement a number of investment projects in the refining sector in the governorates (Maysan Investment Refinery Project, Dhi Qar Investment Refinery Project, Kirkuk Investment Refinery Project, Kut Investment Refinery Project, Qayyarah Investment Refinery Project, Nineveh Investment Refinery Project).
The meeting was attended by a number of members of the Parliamentary Oil, Gas and Natural Resources Committee and the Dire
ctor General of the Legal Department in the ministry.
Source: National Iraqi News Agency
