Iraqi cabinet approves provincial oil refund law

Leaders in Kirkuk, Iraq's second largest oil producing province, cautiously optimistic about plan to increase redistribution of wealth to locals.

The Iraqi Council of Ministers has followed up its 2010 budget, passed mid-February which allocated one dollar per barrel of oil back to the province that produced it, with a law setting the mechanism in motion.For political leaders in Kirkuk province, the home to Iraq's first discovered and commercially viable oil field more than eight decades ago, the potential outweighs both concerns and history."It is a large amount of money compared with the current situation," said Torhan al-Mufti,...

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