Raid Fahmi, the Secretary of the Central Committee of the Iraqi Communist Party and Member of Parliament published the following statement on his Facebook page:
The Iraqi National Oil Company Law No.4 of 2018 was passed hastily in the previous session of Parliament, after incorporating some amendments to the draft law.
These amendments allocate to the Company (INOC) certain tasks and duties related to the management and distribution of the oil wealth. As such, these amendments entail serious risks to the safety of the funds from oil revenues. They also bear no relation to the main objective behind establishing a national oil company, which is basically to administer the process of oil production in terms of exploration and extraction.
The law also contains articles that would pave the way to privatisation in the extractive oil sector, contrary to the constitution. The law has been legally challenged by oil experts in the Federal Court which will consider the lawsuit during the first week of November 2018.
* Published in “Tareeq Al-Shaab” (People’s Path) newspaper on 23 October 2018.