Article 16 Decisions and Directions regarding Iraqi petroleum or petroleum products

The Governor shall notify any person holding petroleum or petroleum products and any other person who made representations or gave evidence to him following the giving of notice under article 7 whether he is satisfied that an Iraqi person is entitled to it or them and of the reasons for his decision.

Subject to paragraph (3), where the Governor is satisfied that an Iraqi person is entitled to petroleum or petroleum products in the Territory he may direct the person holding it or them to sell the petroleum or petroleum products and to remit the proceeds of sale to the escrow account within such period and in such manner as the Governor may specify.

A direction by the Governor under paragraph (2) shall not extend to any petroleum or petroleum products in the Territory to which an Iraqi person is entitled which the Governor is satisfied was or were subject to or required to satisfy the rights of any third party at the time of adoption of the resolution.

The Governor shall notify any person who made representations or gave evidence to him following the giving of notice under article 9(1) whether he is satisfied that petroleum or petroleum products in the Territory to which an Iraqi person is entitled are subject to or required to satisfy any third party rights at the time of the adoption of the resolution and of his reasons for the decision.

A direction by the Governor under paragraph (2) may be given at the time of notification of his decision under paragraph (1) or at the time of or following notification of his decision under paragraph (4).