Iraq’s cabinet approved changes to a draft hydrocarbon law and sent it to parliament for immediate debate, taking a big step towards meeting a key political target set by the US.

“The law was approved unanimously (by the cabinet) ... it was referred to the parliament which will discuss it,” Prime Minister Nuri Al Maliki told a news conference, calling it the “most important” law in Iraq.
The draft oil law was originally approved by the cabinet in February but faced opposition from the government in autonomous Kurdistan, which felt it was getting a raw deal.
Besides deciding who controls the country’s oil reserves and setting up a new oil firm to oversee the industry, the law aims to provide a legal framework for attracting foreign investment.