Press Release:
IRAQI OFFICIALS AND INTERNATIONAL EXPERTS DEBATE FUTURE OF IRAQ'S OIL

Contact:
Sarah Miller-Davenport
sdavenport@sorosny.org
1-212-548-0378

LONDON, July 1, 2005-Senior Iraqi officials gathered today with oil company representatives and international civil society leaders to carve out a plan for managing Iraq's oil wealth that will aid the country's democratic transition and economic reconstruction.

"If democratic reconstruction is to succeed in Iraq, coherent policies needs to be put in place for the management of its oil," said Yahia Said, co-organizer of the event and research fellow at the London School of Economics Center for the study of Global Governance. "The Iraqi people must be given a voice in how this wealth is distributed, and the capacity to hold government and business to account."

Speakers at the event, "Iraqi Oil Wealth: Issues of Governance and Development," included Husain Al-Shahristani, Deputy Speaker of Iraq's National Assembly; Abdulatif Rashid, Minister of Water Resources and member of Iraq's Energy Board; Judge Hamza Radhi, Chairman of Iraq's Probity Commission, Nick Butler, Vice President of Strategy for BP, and Karin Lissakers, board member of the Open Society Institute's Revenue Watch program. Chaired by veteran BBC journalist Lyse Doucet, the discussion focused on how to best achieve transparency and accountability at all stages of Iraq's oil economy.

The debate comes at a critical moment, as Iraq's policymakers are drafting the country's first permanent constitution since Saddam Hussein was ousted. The constitution ideally will establish fundamental parameters regarding ownership and control over the country's most important economic asset. "There are various experiences across the world that can offer inspiration for Iraqi policymakers to avoid the pitfalls of oil dependence," said Karin Lissakers. "But the critical element in any policy is the engagement of the public in its design and implementation."

Today's meeting seeks to promote cooperation among government business and civil society on ensuring the flow of timely and accurate information on all aspects of the Iraqi oil economy. It culminates a two-day conference hosted by the Open Society Institute and the Centre for the Study of Global Governance, London School of Economics, during which scholars, industry executives, representatives of Iraqi civil society, and Iraqi policymakers debated the future of the country's oil industry with relevant experts from other resource-rich countries, international institutions, and development agencies.

The conference is part of the Open Society Institute's ongoing effort to support informed and inclusive public policy debate in Iraq, and to assist Iraqis in holding all stakeholders to account in promoting an open, peaceful, and prosperous Iraq.