ABSTRACT
This conclusion presents some closing thoughts on the concepts covered in the preceding chapters of this book. The book considers the current legal framework in Iraq governing the oil industry. It deals with the issue of sovereignty over natural resources and addresses Iraq’s history along with the development of the present legislative and contractual position in its oil industry. In considering the issue of sovereignty of natural resources, the mechanisms for the distribution of revenue from oil and gas in Alaska and Norway are often highlighted as potential models for other resource-rich countries. Iraq is at the opposite end of the spectrum with weak infrastructure, political instability and corruption. The need to establish revenue distribution funds may assist Iraq but to benefit the economy, the country requires a transparent and efficient infrastructure with checks and balances independent of political influence through external institutions auditing the collection and distribution of revenues.
