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Iraq will not nationalize oil: White House
AFP
WASHINGTON
Petroleumworld.com 01 15 07Iraq's pending law on oil-revenue sharing, which the United States hopes will calm some sectarian tensions, will not nationalize the country's petroleum industry, the White House said Friday.
US President George W. Bush has made passing the legislation, perhaps as early as next month, a key step in defusing some of the anger fueling violence among Iraq's Shiite and Sunni communities.
"The hydrocarbon law is one that treats oil and natural gas revenues as a national resource and distributes the proceeds throughout the country," Bush spokesman Tony Snow told reporters.
Asked whether that meant it would nationalize Iraq's oil industry, Snow replied: "No. What it does, though, is it does collect at a national level the profits."
"It's no more a nationalized oil industry than the hydrocarbon law in Alaska makes Alaska a fiefdom of petro-socialism," said the spokesman, who indicated that US oil companies will have an opportunity to invest there.
"I suspect there's going to be opportunity. Part of the Iraq Compact is inviting bidding on business throughout Iraq from around the world," he said.
AFP 12 2214 GMT 01 07
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