Claims against Iraqi Oil and Gas: Legal Considerations and Lessons Learned
Cambridge University Press
Edition: First Edition, 6/14/2010
EAN 9780521193504, ISBN10: 0521193508
Hardcover, 276 pages, 23.5 x 16 x 2.3 cm
Language: English
This volume presents the first comprehensive examination of the legal issues surrounding international debt recovery on claims against Iraqi oil and gas. In addition to presenting a snapshot view of Iraq's outstanding debt obligations and an analysis of the significance of the theory of odious debt in the context of the Iraqi situation, the list of legal issues examined includes relevant provisions of the Iraqi Constitution of 2005, controlling Security Council resolutions, pertinent articles of the KRG oil and gas law (No. 22) of 2007 and the many nuanced and technical questions raised thereby, legal pronouncements aimed at protecting Iraqi oil and gas and those adopted in selected other nations, and general problems associated with recognition and enforcement of awards or judgments that may involve such oil and gas or revenues from the sale thereof. Also discussed are the lessons learned by the handling of the Iraq debt experience and the transferability of those lessons to future situations.
1. A brief prècis on Iraq's debts
2. The legal theory of 'odious debt'
3. The development and background of Security Council Resolution 1859
4. The development and background of the Iraqi measures permitting departure from earlier oil and gas contractual commitments
5. The concepts of 'finality', 'related to', and assorted matters of Article 54 of the KRG's oil and gas law (no. 22), and Article 141 of the Iraqi Constitution
6. Old oil and gas contracts, and those of more recent vintage
Iraqi constitutional protections of contract rights and their significance on legal claims
7. Oil and gas assets affected by the prosecution of legal claims aimed at recovering on debts owed by Iraq
8. Issues associated with prosecuting a claim in the United States, with a brief glimpse at other jurisdictions
the impact of national law
9. Recognition and enforcement of determinative actions affecting Iraqi oil and gas assets
10. Lessons learned from the Iraq experience that are transferable to other instances of debt owed by resource-rich nations.