2010 budget boosts oil-producing provinces

Iraq's 2010 budget is set to be passed by the Presidential Council tomorrow, the final step before a bill becomes a law, bringing with it radical bonuses for oil-producing regions, significant concessions to the Kurdistan region and rewards for Shia pilgrim areas.

The bill, which amounts to more than $72.4 billion, sets out new rules outlining how provinces will receive money according to hydrocarbon production levels.

The budget stipulates that provinces will receive $1 for each barrel ...