Oil: Kurds pass Petroleum Law of the Kurdistan Region

AP reports that Iraq's largely autonomous Kurdish region passed its own oil law, despite Iraq's parliament having failed to pass a national law after months of negotiations by the country's main political blocs.

Kurdish officials stressed that it had been drawn up in line with the national constitution and did not contradict the federal law, which Iraq's leaders agreed on July 3 but has not yet been sent to parliament.

After a week-long debate, Kurdish lawmakers passed the Petroleum Law of the Kurdistan Region unanimously.

The Kurdish law provides for the establishment of the Kurdistan National Oil Company and says "the regional government shall share revenue derived from petroleum with all the people of Iraq."