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4 - The Development and Background of the Iraqi Measures Permitting Departure from Earlier Oil and Gas Contractual Commitments

Published online by Cambridge University Press:  05 August 2011

Rex J. Zedalis
Affiliation:
University of Tulsa, School of Law
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Summary

Introduction

In addition to the terms of Security Council resolution 1905, and its predecessor, resolution 1859, two Iraqi domestic legal measures may raise questions about their effect on claimants seeking recovery for debts arising from the breach of oil and gas contracts negotiated and signed by Iraqi authorities. There are several instances in which the specifics of those measures require consideration. One instance draws on the fact that of the $50 billion to $70 billion in Saddam-era debts reportedly still owed by Iraq to foreign creditors (reduced by the late 2009 debt-for-oil field agreement with the Chinese, and any others not widely trumpeted in the media), a portion may be associated with the failure of Iraq to strictly honor the precise terms of earlier oil and gas contracts. Another instance is related to the fact that resolution 1905, by incorporating paragraph 27 of resolution 1546, opens up the possibility of claims against the DFI and revenues from the sale of Iraqi oil and gas whenever such claims are based on final judgments resulting from an Iraqi contractual obligation entered into after June 30, 2004. A final instance draws on the scheduled expiry at the end of 2010 of the UN-provided insulation from legal claims – barring another extension – and points out that with its termination, breaches of oil and gas development agreements would no longer benefit from immunity.

Type
Chapter
Information
Claims against Iraqi Oil and Gas
Legal Considerations and Lessons Learned
, pp. 71 - 90
Publisher: Cambridge University Press
Print publication year: 2010

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References

Deeks, Ashley S. & Burton, Matthew D., “Iraq's Constitution: A Drafting History,” 40 Cornell Int'l L.J., 1 at 79–80 (2007)Google Scholar

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