With 115 bn barrels proven reserves Iraq has the world's 3rd largest supplies and will be the most significant producer in the Initiative. Nuri al Maliki, Prime Minister of Iraq, spoke at the Iraq EITI launch event in Baghdad on January 10, 2010. Since the oil industry is 100% nationally owned a special form of transparency of receipts will be devised for Iraq. Another challenge for Iraq is that civil society organizations will need to get a lot of help to play their role in the process given the hurdles they have had to overcome.
The EITI Board will review the application in Oslo next month. Iraq will have two years to complete the validation process.
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