2011-08-28 14:26 (UTC)
BAGHDAD, Aug 28 (Reuters) - Iraq's cabinet has approved a long-awaited draft oil law and sent it to parliament for final passage, a measure seen as key for foreign investors seeking more solid legal guarantees.
The new hydrocarbons law has been in the making for years but has faced opposition over who controls the world's fourth largest oil reserves, mainly from semi-autonomous Kurdistan in the north of Iraq.
'The draft of the oil and gas law has been approved and referred to parliament,' a cabinet statement said on Sunday.
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