Written question asked by Lord Beaumont of Whitley (Other (affiliation)), in the House of Lords. It was answered by Lord Triesman (Labour) on Monday, 25 June 2007.

Iraq: Oil Revenues

Question: asked Her Majesty's Government:Whether the future management of, and resultant revenues from, Iraq's oil industry is a matter solely for the people of Iraq; to what extent the Government have been involved in the drafting of Iraq's new oil law; what representations the Government have made in relation to the drafting of Iraq's new oil law; and to what extent British oil interests were taken into account in any such representations.

Answer: It is for the Iraqi Government and Parliament to decide how best to manage Iraq's hydrocarbons sector. The UK has an interest in promoting the effective management of this sector because of its critical importance to Iraq's political reconciliation process and future prosperity. The current draft law is a result of negotiations between representatives of all Iraq's main political parties. The UK has during those negotiations encouraged balanced, technically unambiguous legislation, acceptable to Iraq's main political parties, which will provide a legal framework to facilitate much-needed investment in Iraq's oil industry, domestic and international. Were commercial opportunities to become available after the passage of the hydrocarbons legislation, we would be keen to promote UK companies and their expertise in the oil and gas sector.

Secondary information