FACTBOX: Iraqi oil investment law

(Reuters) - Iraq's cabinet approved a draft oil law on Monday, ending months of wrangling over crucial legislation to regulate management of the world's third largest proven oil reserves.

Iraq needs billions of dollars of foreign funds to rebuild its oil industry after decades of war and sanctions, but until a legislative framework is in place, international oil firms' plans are on hold.

Here are key facts about the process:

* The law will now be presented to parliament for approval. Deputy Prime Minister Barham Salih said political leaders have pledged to have it passed and enacted by the end of May.

* Iraq's two national oil companies will be turned into a holding company with operational affiliates to manage different aspects of the industry.

* The new national oil company INOC will be in charge of boosting exports and production.

* The law does not state the form of contracts Iraq will make with international firms.

* Oil policy will be set at the national level by a Federal Council of Oil and Gas.

* The oil ministry will be restructured and transformed into a regulatory body.