Published online by Cambridge University Press: 05 August 2011
In the preceding parts of this study, attention is focused on two distinct matters. First, describing the current factual situation regarding the $50 billion to $70 billion of potential outstanding claims against Iraq (as modified by the late 2009 Chinese debt-for-oil agreement, and any possible others not receiving extensive coverage by the new media) and assessing the argument that such claims remain beyond recovery under the theory of “odious debt.” And second, summarizing the controlling legal principles affirmed and extended in Security Council resolution 1905 (December 21, 2009), and its immediate predecessors, resolutions 1859 and 1790 as well as those set forth in article 141 of the Iraqi Constitution and article 54 of the KRG oil and gas law (No. 22) – all of which aim to establish on the international and domestic Iraqi level a measure of legal insulation from claims associated with oil and gas activity in that country. Part Three builds on the preceding chapters by mining more deeply and offering an examination and analysis of several specific legal issues that will certainly emerge and prove especially nettlesome in the context of pursuing claims for debt recovery related to oil and gas activities. The previous discussion about resolutions 1905, 1859, and 1790, and articles 141 and 54 illuminates the background concerning relevant legal considerations. However, only in sedulously critiquing what those relevant legal provisions decree in the context of specific factual situations can a more complete understanding of the precise dimensions and implications of the law be approached.