Iraq approves new oil law

Baghdad: The Iraqi government has approved a plan to divide the country's oil revenue among its people.

Prime Minister Nouri Al Maliki called the draft oil law a "gift to all the Iraqi people."

The Bill must now be submitted to Iraq's parliament for approval, nearly four years into squabbling among Iraq's minority groups over the distribution of oil revenues.

"This law affirms ... all the revenues will be shared at the federal level and redistributed equitably among all Iraqis," Deputy Prime Minister Barham Salih said.

Oil Minister Hussain Al Shahristani said the law “will guarantee for Iraqis complete national control over this natural wealth.''

Iraq has the world's third-largest reserves of oil.