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.