KURDISTAN REGION OF IRAQ

That this House warmly welcomes the historic news that the Kurdistan region of Iraq and its neighbour, Turkey have concluded a comprehensive agreement to build oil and gas pipelines to ship the autonomous region's rich hydrocarbon reserves to world markets; believes that this could allow the Kurdistan region to export two million barrels per day of oil to world markets and at least 10 billion cubic metres per year of gas to Turkey in a move that will increase the security and diversity of energy supplies; recognises that this represents a triumph of diplomacy based on hard-headed self-interest between two places which were once at loggerheads; hopes that it can underpin a successful peace process between Turkey and its Kurds; and rejects the unreasonable fear that economic independence for the Kurdistan region of Iraq will lead to the disintegration of Iraq, because the country as a whole will gain from the success of the Kurdistan region, oil will remain the property of the people of Iraq and the proceeds of energy sales will be shared by all according to a much needed and robust revenue sharing formula and a fully-functioning federal system, as outlined in the Iraqi constitution which was approved by the people of Iraq in 2005.