Draft law to set up new Iraqi national oil company at parliament

Draft law to set up new Iraqi national oil company at parliament

Baghdad - Voices of Iraq
Saturday , 05 /04 /2008 Time 1:01:53
Baghdad, Apr 5, (VOI)-

Iraqi Parliament’s Oil and Gas internal committee is examining a draft law to set up a new national oil company along with the already existing two state-owned companies, an MP said on Saturday.

The draft law “included the establishment of a new national oil company which will be partly funded by the government to operate along with its already existing sisters North Oil Company and South Oil Company,” Abdul Hadi al-Hassani, deputy chairperson of Parliament’s Oil and Gas committee, told Aswat al-Iraq- Voices of Iraq- (VOI).

The member of parliament added that the new oil company will expand to include two more companies operating in southern Iraqi provinces of Missan and Dhi-Qar.

“The new oil company will be tasked with drilling oilfields and extracting, stockpiling and transferring crude,” the MP said.

As for the capital of the new company, the legislator explained, “Part of the fund will be offered by the government and the company may apply for loans as four times as the capital offered by the government once the company was set up.”

The Oil and Gas deputy chairperson told VOI “this is a prologue to enacting the oil and gas draft law.”
“Our committee requested to increase the suggested capital for the new company to enable it to compete with other international oil companies,” the legislator concluded.

So far there are only two Iraqi oil companies operating in the oil-rich-country’s northern and southern regions and both are state-owned.

Iraq is waiting the enacting of a controversial draft law regulating exploration and production of oil in the country. The draft law, dubbed oil and gas draft law, was passed by the Iraqi government last July but it received criticism and rejection by some major blocs within the 275-member- Iraqi parliament.
SK

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