Iraq Mulls Creating Oil Fund Abroad
The Iraqi government is considering the creation of an oil revenue fund that would be held outside the country to minimize the chances of corruption, as part of the country`s hydrocarbons law, Kurdish Regional Government Minister of Natural Resources Ashti Hawrami said Thursday.A draft of the country`s long-delayed hydrocarbons law would create a revenue sharing commission in Iraq, as required by Iraq`s constitution. This commission could opt to establish a fund located abroad that would manage the country`s oil revenues. The fund would be audited by an outside party to ensure Iraq`s oil revenues aren`t misused or misallocated.
"The oil revenues would be put into a fund outside the country," Hawrami told journalists after speaking to investors about the status of Iraq`s hydrocarbons law.
The commission would also set aside 5% of all Iraqi oil revenues for future generations, Hawrami said, in addition to distributing the country`s oil moneys based on mechanisms that are currently being negotiated by Iraq`s various political groups.