Claims against Iraqi Oil and Gas: Legal

This volume presents the first and only comprehensive examination of the legal issues surrounding international debt recovery on claims against Iraqi oil and gas. In addition to presenting a snapshot view of Iraq's outstanding debt obligations and an analysis of the significance of the theory of odious debt in the context of the Iraqi situation, the list of legal issues examined includes relevant provisions of the Iraqi Constitution of 2005, controlling Security Council resolutions, pertinent articles of the KRG oil and gas law (No. 22) of 2007 and the many nuanced and technical questions raised thereby, legal pronouncements aimed at protecting Iraqi oil and gas and those adopted in selected other nations, and general problems associated with recognition and enforcement of awards or judgments that may involve such oil and gas or revenues from the sale thereof. Also discussed are the lessons learned by the handling of the Iraq debt experience and the transferability of those lessons to future situations in which resource-rich nations may have outstanding financial obligations to other members of the world community or their nationals.

Rex J.Zedails is a member of the faculty at the University of Tulsa college of Law Where he has received numbers awards for his excellent teaching including an award in 2004 for the university most outstanding professor. He also has been recognized for extensive publication record in both U.S and European international law journals. He is currently the Phyllis Hurley Pray Professor of Law and the director of the comparative and International Law Center (CILC) at the University of Tulsa. He has served as a Fellow with and former Assistant Director of the College of Laws National Energy Law Policy Institute. Professor Zedalis also acted as consultant to international law firms during his thirty-five-year career Professor Zedalis is the author of the Legal Dimensions of Oil and gas In Iraq: Current Reality and Future Prospects.

Preface	p. xii

A Précis of Iraq's Debts	p. 3
Introduction	p. 3
UNCC Debts: Resolved and Half Paid	p. 3
Contractual Debt from Borrowing and Commercial Purchasing Activity	p. 7
Commercial Debt from Pending Goods and Services Contracts	p. 9
Conclusion	p. 13
The Legal Theory of "Odious Debt"	p. 22
Introduction	p. 22
Essentials of the Odious Debt Theory	p. 24
Earlier Applications of the Theory	p. 28
Basic Rules of State Succession and Preexisting Debt: Restatement	p. 32
Basic Rules of State Succession and Preexisting Debt: 1983 Convention	p. 36
Has a Customary Rule Developed That Is Consistent with What Advocates of Debt Relief Actually Want?	p. 40
Conclusion	p. 44

The Development and Background of Security Council Resolutions 1859 and 1905	p. 47
Introduction	p. 47
Resolution 986: Post-First Gulf War Resolution	p. 50
Resolution 1483: Post-Second Gulf War Complete Lifting of Embargo	p. 53
Resolution 1546: Removal of Insulation on Post-Transfer of Sovereignty Contracts	p. 58
Resolutions 1790 (2007) and 1859 (2008): Extensions	p. 63
Conclusion: Resolution 1905	p. 68
The Development and Background of the Iraqi Measures Permitting Departure from Earlier Oil and Gas Contractual Commitments	p. 71
Introduction	p. 71
Article 141 of the Iraqi Constitution	p. 73
Article 54 of the KRG Oil and Gas Law (No. 22)	p. 77
Reconciling Article 141 of the Constitution with Article of the KRG Oil and Gas Law (No. 22)	p. 81
Conclusion	p. 86

The Concepts of "Finality," "Related to," and Assorted Matters: Article 54 of the KRG Oil and Gas Law (No. 22) and Article 141 of the Iraqi Constitution	p. 94
Introduction	p. 94
The Significance of the Concept of "Final[ity]"	p. 99
The Meaning of "Related to" as Used in Article 54	p. 102
Subcontracts and Other Third-Party Arrangements	p. 107
Conclusion	p. 112
rOld Oil and Gas Contracts and Those of More Recent Vintage: Iraqi Constitutional Protections of Contract Rights and Their Significance on Legal Claims	p. 116
Introduction	p. 116
Oil and- Gas Contractual Arrangements of the KRG Concluded before or after 1992	p. 118
Constitutional Limitations on KRG Article 141 Powers: Article 23, Second, of the Iraqi Constitution and Expropriations	p. 124
Constitutional Limitations Inherent in Articles 15, 23, First, and 26	p. 130
Conclusion	p. 134
Oil and Gas Assets Affected by the Prosecution of Legal Claims Aimed at Recovering on Debts Owed by Iraq	p. 140
Introduction	p. 140
Relevant Security Council Resolutions and Oil and Gas Lifted from Iraqi Fields	p. 142
Revenues from Sales of Iraqi Oil and Gas	p. 147
Where Paragraph 27 of Resolution 1546 Fits into the Mix of Security Council Resolutions Providing Protection to Iraqi Oil and Gas Assets	p. 153
Actual Iraqi Oil and Gas Properties, and Legal Interests in or Shares of Such Properties or Oil and Gas and Revenues from Sales	p. 158
Nature of the Legal Action Brought and Against Whom Maintained	p. 162
How the Preceding Interfaces with Illustrative Judicial Decisions Involving Actions to Recover on Debts Owed by Foreign Governments or Their Instrumentalities	p. 166
Conclusion	p. 173
Issues Associated with Prosecuting a Claim in the United States with a Glimpse at Other Jurisdictions: The Impact of National Law	p. 177
Introduction	p. 177
Developmental Background of U.S. Protective Measures: Executive Orders 13303 and 13364	p. 178
Principal Differences from Security Council Resolutions 1483 and 1546	p. 181
Protection Applied to Diverse Interests in Iraqi Oil and Gas	p. 186
Connections of Nationality	p. 189
A Glimpse at Analogous Measures in Other Jurisdictions	p. 193
Conclusion	p. 197
Recognition and Enforcement of Determinative Actions Affecting Iraqi Oil and Gas Assets	p. 199
Introduction	p. 199
Determinations or Decisions in Nonjudicial Proceedings Involving Iraqi Oil and Gas and Placed before Courts in the Nation of the Rendering Jurisdiction	p. 202
Recognition and Enforcement of Nonjudicial Determinations or Decisions Involving Proceeds and Obligations from Oil and Gas Dispositions	p. 207
Nonjudicial Determinations or Decisions Placed before Courts of a Foreign Nation-State	p. 215
Conclusion	p. 220
Lessons Learned from the Iraqi Experience Transferable to Other Instances of Debt Owed by Resource-Rich Nations	p. 221
Introduction	p. 221
Claims-Resolution Mechanisms and Debtor-Nation Laws Permitting Contract Alteration and Escape	p. 223
Use of International Instruments to Articulate Standards	p. 228
Tightening the Standards of National Implementing Measures	p. 231
Conclusion	p. 236
Epilogue	p. 241
Index	p. 24
Table of Contents provided by Ingram. All Rights Reserved.

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

FREE SHIPPING

Amazon no longer offers textbook rentals. We do!

Claims against Iraqi Oil and Gas: Legal Considerations and Lessons Learned

Summary

Author Biography

Table of Contents

Supplemental Materials