Iraqi oil contract legality issues warrant clarification

01/12/2004
Because of Iraq's vast potential oil and natural gas resources, questions surrounding the legality of contracts related to its petroleum sector are commanding great attention.The legal issues related to these contractual arrangements need to be clarified to facilitate the orderly development of the Iraqi upstream sector.BackgroundIn 1972, the Republic of Iraq nationalized its oil industry and formed the Iraq National Oil Co. (INOC). The government, dominated by the Baath Party, used its oil wealth during the 1970s to fund numerous social and industrial development projects as well as for military purposes. Starting with the war with Iran in 1980, the oil sector in Iraq has suffered co...
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