Hue Mi
12-10-2011, 08:11 PM
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Text of the draft "Law Fund, oil and gas revenues to the Kurdistan Region - Iraq" (http://translate.google.com/translate?hl=en&ie=UTF8&sl=ar&tl=en&u=http://www.pukmedia.com/kurdistanregion/23678--q-q)
http://www.pukmedia.com/images/stories/hozan7/eqlim-ssslliid01_thumb_medium241_161.jpg (http://www.pukmedia.com/images/stories/hozan7/eqlim-ssslliid01.jpg)
11:32:54 2011-12-09 PUKmedia
Council approved the Kurdistan Region and visited on 5/12/2011 at its bill fund oil and gas revenues in the Kurdistan Region and will be referred to the Kurdistan Parliament for approval.
Committee was formed in accordance with this project to follow up and walk, and oil and gas imports, and the Chairman of the Committee will be selected in cooperation between the Council of Ministers of the Council of the province and the region to oil and gas.
What follows is the text of the bill:
Project
Fund Act oil and gas revenues to the Kurdistan Region - Iraq
According to the provisions of Article XVI of the oil and gas law for the Kurdistan Region - Iraq No. 22 of 2007
Chapter One
Definitions
The first article:
Means the following terms and terminology for the purposes of this Act the meanings indicated opposite thereto:
First - the region / province of Kurdistan - Iraq.
II - Parliament / Parliament of Kurdistan.
Thirdly - the body / body control and fund administration, oil and gas revenues for the region.
IV - the fund / fund oil and gas revenues for the region.
V - Regional Council / Regional Council for the oil and gas formed according to the law of oil and gas province, No. 22 of 2007.
Chapter II
Scope of the law
Article II: The provisions of this law: -
First - the financial revenues obtained by the Ministry of Natural Resources according to the provisions of the law of oil and gas province, and as stated in Article VI of this law.
Second - the financial revenues derived from the federal government and oil and gas derivatives.
Chapter III
The control of oil revenues to the region
Article III: the formation of the
First - set up a body called (the control and fund administration, oil and gas revenues for the region).
Second - The Board consists of:
1 - Chairman of the Board and have the rank of undersecretary.
2 - Vice President and General Manager of the degree.
3 - President of the Fund, a member.
4 - financial expert, a member.
5 - an economist, a member.
6 - any expert designated by the Council of Ministers of the region.
Article IV: Service in the
1 - the body appointed by the President and his deputy, the members nominated by the Council of Ministers in coordination with the Regional Council and the endorsement of the absolute majority of members of parliament for a period of not more than (4) four years, renewable for the same procedures mentioned.
2 - is required to appoint both the Chairman and his deputy and members of the body in addition to the availability of the general conditions for appointment to public office, that have obtained a university degree, at least in the area of jurisdiction of the Commission and has experience of not less than (15) fifteen years in the area of jurisdiction of the Commission for President and (10) ten years for the vice president and the members.
3 - The Board shall meet regularly once each month, at least whenever the need arises, and be invited to such meetings by the President and in his absence the Vice President was replaced, and take the decisions two-thirds majority of its members.
4 - The formations of the body, including the Fund's management system.
Article V: Functions of the Authority
The Commission shall:
First - to document the total oil and gas revenues to the region in the Fund in accordance with the provisions of Article VI of this law, as well as management and ensure a smooth conversion to the accounts of the beneficiaries after it is allocated by the Regional Council.
Second - Audit and review the movement of all oil and gas revenues to the region in the fund annually.
Third - to disclose all data on the Fund's annual accounts and audited by accounting firms and auditing global qualified and certified and then submit periodic and annual reports to the Regional Council after the statement of its opinion on those reports.
IV - to ensure transparency in the procedures and calculations by the accounting standards used globally when dealing with the accounts of the Fund.
Chapter IV
http://www.pukmedia.com/images/stories/hozan7/eqlim-ssslliid02_thumb_medium307_139.jpg (http://www.pukmedia.com/images/stories/hozan7/eqlim-ssslliid02.jpg)
Oil and gas revenues to the Fund
Article VI: The Commission shall obtain the:
First - all imports due to the region derived from decades of oil and gas agreements with oil companies, whether by the Ministry of Natural Resources or a company of Kurdistan to explore and produce oil as articles of eighteen and nineteen of the oil and gas law for the Kurdistan Region No. 22 of 2007.
Second - all grants derived from decades of oil and gas as they fall due, including the granting of infrastructure and environmental protection and other according to the law of oil and gas province.
III - Net sales and imports of oil derivatives and gas after deducting costs including the costs of refining, transportation and storage.
IV - the financial revenues derived from the federal government and oil and gas derivatives.
Chapter V
Fund revenues from oil and gas to the region
Article VII:
Establish a fund called Fund (oil and gas revenues for the region) has a personal moral and financial and administrative independence and managed by the Commission, represented by the Commission President or his nominee.
Article VIII:
First - open the various accounts of the Fund, whether the Iraqi dinar or foreign currency in any branch of Central Bank of Iraq in the region or any other bank chosen by the Council for the deposit of all oil and gas revenues provided for in Article VI of this law.
Second - the President of the Commission and in coordination with the Regional Council to issue the necessary instructions to move and deposit amounts between accounts of the Fund.
Thirdly - establish a fund called Fund (to support future generations of the region) regulates the administration and funding of the law, filed a certain percentage of oil revenues obtained by Article VI of this law.
Chapter VI
Distribution of oil and gas revenues in the Fund
Article IX:
First - is the distribution of oil and gas revenues to the Fund by the Regional Council to:
1 - annual budget of the province, including the financing of investment projects in the provinces of the region to be allocated according to population density and the approval of Parliament.
2 - Fund to support the next generation according to item (iii) of Article VIII of this Act.
3 - Ministry of Natural Resources to support the oil and gas sector in the region when needed.
Second - may not rotate assignments expenses of investment projects that have not been contracted for and received in the first paragraph (1) of this Article.
Third - are at the beginning of the second half of each calendar year match the oil and gas revenues and the actual allocations in the accounts of the Fund and make changes to accounts of the Fund on the basis of that.
IV - the Fund shall exercise its responsibility in accordance with the principles and criteria for the initiative, the Extractive Industries Transparency (EITI) and to be reasonable and in line with the best methods in the oil industry.
V. - Business Fund is subject to the Kurdistan oil revenues for parliamentary oversight.
Chapter VII
Final Provisions
Article X: The Council of Ministers to issue a system to facilitate the implementation of the provisions of this law.
Article Eleven: The Commission may issue necessary instructions to facilitate the implementation of the provisions of this law.
Article XII: does not work in any legal text or a decision contrary to the provisions of this law.
Article Thirteen: This law shall be effective from the date of publication in the Official Gazette (the facts of Kurdistan).
Text of the draft "Law Fund, oil and gas revenues to the Kurdistan Region - Iraq" (http://translate.google.com/translate?hl=en&ie=UTF8&sl=ar&tl=en&u=http://www.pukmedia.com/kurdistanregion/23678--q-q)
http://www.pukmedia.com/images/stories/hozan7/eqlim-ssslliid01_thumb_medium241_161.jpg (http://www.pukmedia.com/images/stories/hozan7/eqlim-ssslliid01.jpg)
11:32:54 2011-12-09 PUKmedia
Council approved the Kurdistan Region and visited on 5/12/2011 at its bill fund oil and gas revenues in the Kurdistan Region and will be referred to the Kurdistan Parliament for approval.
Committee was formed in accordance with this project to follow up and walk, and oil and gas imports, and the Chairman of the Committee will be selected in cooperation between the Council of Ministers of the Council of the province and the region to oil and gas.
What follows is the text of the bill:
Project
Fund Act oil and gas revenues to the Kurdistan Region - Iraq
According to the provisions of Article XVI of the oil and gas law for the Kurdistan Region - Iraq No. 22 of 2007
Chapter One
Definitions
The first article:
Means the following terms and terminology for the purposes of this Act the meanings indicated opposite thereto:
First - the region / province of Kurdistan - Iraq.
II - Parliament / Parliament of Kurdistan.
Thirdly - the body / body control and fund administration, oil and gas revenues for the region.
IV - the fund / fund oil and gas revenues for the region.
V - Regional Council / Regional Council for the oil and gas formed according to the law of oil and gas province, No. 22 of 2007.
Chapter II
Scope of the law
Article II: The provisions of this law: -
First - the financial revenues obtained by the Ministry of Natural Resources according to the provisions of the law of oil and gas province, and as stated in Article VI of this law.
Second - the financial revenues derived from the federal government and oil and gas derivatives.
Chapter III
The control of oil revenues to the region
Article III: the formation of the
First - set up a body called (the control and fund administration, oil and gas revenues for the region).
Second - The Board consists of:
1 - Chairman of the Board and have the rank of undersecretary.
2 - Vice President and General Manager of the degree.
3 - President of the Fund, a member.
4 - financial expert, a member.
5 - an economist, a member.
6 - any expert designated by the Council of Ministers of the region.
Article IV: Service in the
1 - the body appointed by the President and his deputy, the members nominated by the Council of Ministers in coordination with the Regional Council and the endorsement of the absolute majority of members of parliament for a period of not more than (4) four years, renewable for the same procedures mentioned.
2 - is required to appoint both the Chairman and his deputy and members of the body in addition to the availability of the general conditions for appointment to public office, that have obtained a university degree, at least in the area of jurisdiction of the Commission and has experience of not less than (15) fifteen years in the area of jurisdiction of the Commission for President and (10) ten years for the vice president and the members.
3 - The Board shall meet regularly once each month, at least whenever the need arises, and be invited to such meetings by the President and in his absence the Vice President was replaced, and take the decisions two-thirds majority of its members.
4 - The formations of the body, including the Fund's management system.
Article V: Functions of the Authority
The Commission shall:
First - to document the total oil and gas revenues to the region in the Fund in accordance with the provisions of Article VI of this law, as well as management and ensure a smooth conversion to the accounts of the beneficiaries after it is allocated by the Regional Council.
Second - Audit and review the movement of all oil and gas revenues to the region in the fund annually.
Third - to disclose all data on the Fund's annual accounts and audited by accounting firms and auditing global qualified and certified and then submit periodic and annual reports to the Regional Council after the statement of its opinion on those reports.
IV - to ensure transparency in the procedures and calculations by the accounting standards used globally when dealing with the accounts of the Fund.
Chapter IV
http://www.pukmedia.com/images/stories/hozan7/eqlim-ssslliid02_thumb_medium307_139.jpg (http://www.pukmedia.com/images/stories/hozan7/eqlim-ssslliid02.jpg)
Oil and gas revenues to the Fund
Article VI: The Commission shall obtain the:
First - all imports due to the region derived from decades of oil and gas agreements with oil companies, whether by the Ministry of Natural Resources or a company of Kurdistan to explore and produce oil as articles of eighteen and nineteen of the oil and gas law for the Kurdistan Region No. 22 of 2007.
Second - all grants derived from decades of oil and gas as they fall due, including the granting of infrastructure and environmental protection and other according to the law of oil and gas province.
III - Net sales and imports of oil derivatives and gas after deducting costs including the costs of refining, transportation and storage.
IV - the financial revenues derived from the federal government and oil and gas derivatives.
Chapter V
Fund revenues from oil and gas to the region
Article VII:
Establish a fund called Fund (oil and gas revenues for the region) has a personal moral and financial and administrative independence and managed by the Commission, represented by the Commission President or his nominee.
Article VIII:
First - open the various accounts of the Fund, whether the Iraqi dinar or foreign currency in any branch of Central Bank of Iraq in the region or any other bank chosen by the Council for the deposit of all oil and gas revenues provided for in Article VI of this law.
Second - the President of the Commission and in coordination with the Regional Council to issue the necessary instructions to move and deposit amounts between accounts of the Fund.
Thirdly - establish a fund called Fund (to support future generations of the region) regulates the administration and funding of the law, filed a certain percentage of oil revenues obtained by Article VI of this law.
Chapter VI
Distribution of oil and gas revenues in the Fund
Article IX:
First - is the distribution of oil and gas revenues to the Fund by the Regional Council to:
1 - annual budget of the province, including the financing of investment projects in the provinces of the region to be allocated according to population density and the approval of Parliament.
2 - Fund to support the next generation according to item (iii) of Article VIII of this Act.
3 - Ministry of Natural Resources to support the oil and gas sector in the region when needed.
Second - may not rotate assignments expenses of investment projects that have not been contracted for and received in the first paragraph (1) of this Article.
Third - are at the beginning of the second half of each calendar year match the oil and gas revenues and the actual allocations in the accounts of the Fund and make changes to accounts of the Fund on the basis of that.
IV - the Fund shall exercise its responsibility in accordance with the principles and criteria for the initiative, the Extractive Industries Transparency (EITI) and to be reasonable and in line with the best methods in the oil industry.
V. - Business Fund is subject to the Kurdistan oil revenues for parliamentary oversight.
Chapter VII
Final Provisions
Article X: The Council of Ministers to issue a system to facilitate the implementation of the provisions of this law.
Article Eleven: The Commission may issue necessary instructions to facilitate the implementation of the provisions of this law.
Article XII: does not work in any legal text or a decision contrary to the provisions of this law.
Article Thirteen: This law shall be effective from the date of publication in the Official Gazette (the facts of Kurdistan).