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Iraq’s Hydrocarbon law and what it says about the War

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What Does Iraq’s New Oil Law Say About an Invasion?
Critics charge Iraq’s new hydrocarbon law is unfair to Iraqi people
Cody Lyon (shelby)     Email Article   Print Article
Published 2007-04-08 13:00 (KST)
Amman, Jordan, is set to play host to a three-day economic trade show, a corporate meet and greet between powerful, well-moneyed investors and those who the guard the gates of vital decision-making government ministries in perilous but oil-rich Iraq.On its Web site, loosely defined organizer Iraq Development Program (IDP) calls the Jordan gathering a “historic landmark event” Officially titled the Iraq Oil, Gas, Petrochemical and Electricity Summit, the three days of face to face meetings that begins on May 28 could impact Iraq’s economic future for years to come.

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Efforts to contact IDP directly and understand the origin of their funding and purpose were not successful. But the group’s stated mission is to “aid Iraq as an economic force.”

“Following declaration of new foreign investment laws for the extractive industries,” the IDP’s Web page says, “the [Iraqi] government is now finalizing its new hydrocarbon laws” — to which promoters of the summit say the timing “could not be better.”

Iraq’s new oil-hydrocarbon law, and the push to see it quickly passed, has begun to raise serious questions among observers and critics.

The Iraqi cabinet approved the hydrocarbon law on Feb. 26 and sent it on to parliament where it now sits. If fully approved, Iraq’s oil reserves would be opened to investment from foreign multinational oil companies. The current legislation would also provide oil companies the option for long-term contracts of up to 30 years. The laws would set up Profit Sharing Agreements, or PSAs, where revenue is based on the profit after oil companies’ deduct their production costs. Reportedly, the remaining profits would then be divided among the Iraqi provinces.

LINK TO FULL STORY

UT getting 16-story tower

Deal deemed ‘novel’ by former UT dean

Premium content from Austin Business Journal by Cody Lyon, Staff writer

Date: Friday, October 21, 2011, 5:00am CDT

Related:

EducationResidential Real Estate

This 16-story student housing complex with retail at the bottom is being built near 24th and Nueces streets near the University of Texas campus.

This 16-story student housing complex with retail at the bottom is being built near 24th and Nueces streets near the University of Texas campus.

Cody Lyon
Staff writer – Austin Business Journal
Email

A 16-story student housing and retail building is about to rise just west of the University of Texas at 2400 Nueces St., the site of the old Wooldridge Hall.

The demolition of Wooldridge Hall was finished in September, and a notice to proceed was issued in the first week of October. The 380,000-square-foot project is scheduled to be ready for occupancy by fall 2013.

When finished, the $64 million building will include studio and one-, two-, three- and four-bedroom apartments for students and faculty. On lower floors, the building will house the university’s international office and retail.

Educational Realty Trust Inc. of Memphis, Tenn., is developing the project. Austin-based Page Southerland Page Architects, led by Larry Speck, is the project architect. Educational Realty Trust named Hensel Phelps Construction Co. general contractor.

At the height of construction, the build is expected to involve 30 to 35 subcontractors and employ up to 300 craftsmen.

The project was made possible through a 60-year ground lease agreement with the University of Texas. The university is not paying any of the cost to develop the project.

“For the first time, we are ground leasing a significant piece of property,” said Amy Wanamaker, campus director of real estate at UT.

The project was spawned by Austin’s university neighborhood overlay zoning, which includes a density bonus based on the provision of affordable housing. The zoning overlay is designed to encourage denser building just west of the university.

University officials and developers hope students and faculty members living in the building will walk or bike to class. The project will ease slightly the increasingly congested roads surrounding the university, they said.

“It’s impossible to find parking around campus these days,” Speck said.

The university’s lease and the private development partnership are novel for this area, said Speck, who is a former dean of UT’s School of Architecture.

Speck called the partnership between the university and Educational Realty “highly innovative” and predicted it will lead to a dense urban neighborhood immediately adjacent to the school and the Central Business District.

“When people see this thing going up, they’re going to say ‘whoa’ because of how huge it is,” he said. “This building is going to make a huge difference in how we see that area.”

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Written by codylyonreporter

January 30, 2012 at 5:13 pm

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