Profit Sharing
The new law authorizes production share agreements (PSAs) which guarantees a profit for foreign oil companies.
The central government distributes remaining oil revenues throughout the nation on a per capita basis. The draft law allows Iraq's provinces freedom from the central government in giving exploration and production contracts. Iraq's constitution allows governorates to form a semi-independent regions, fully controlling their own natural resources.
Read more about this topic: Iraq Oil Law (2007)
Famous quotes containing the words profit and/or sharing:
“Throughout the history of commercial life nobody has ever quite liked the commission man. His function is too vague, his presence always seems one too many, his profit looks too easy, and even when you admit that he has a necessary function, you feel that this function is, as it were, a personification of something that in an ethical society would not need to exist. If people could deal with one another honestly, they would not need agents.”
—Raymond Chandler (1888–1959)
“Eventually we will learn that the loss of indivisible love is another of our necessary losses, that loving extends beyond the mother-child pair, that most of the love we receive in this world is love we will have to share—and that sharing begins at home, with our sibling rivals.”
—Judith Viorst (20th century)