From 2017-03-23 at 12:02 (Baghdad time)
Baghdad Mawazine News
The spokesman for the Ministry of Oil Assem Jihad, on Thursday, that the ministry is following modern mechanisms for the development and investment of oil wealth and start to go to establish a national oil company an example.
Jihad said in an interview with Mawazin News that "the ministry prepared a draft law establishing the National Oil Company in addition to the drafts of the gas companies and liquidation. These companies are managed by a board of directors and enjoy administrative and financial autonomy and flexibility."
Jihad added that "the aim of establishing the National Oil Company is to optimize the investment of oil wealth and expand its work and projects inside and outside the country to achieve financial revenues using mechanisms and techniques and standards of modern and very sophisticated."
He pointed out that "the company will be like international companies developed international and a lever to develop the national oil industry in accordance with the latest techniques and techniques used at the global level without the Ministry of Oil interfere with its affairs except planning and supervision."
He pointed out that "most of the national companies have a new global reputation according to the use of the possibilities in addition to the flexibility it possesses, as such companies will be free of the large restrictions in the case of non-integration with the Ministry of Oil."
He pointed out that "the Iraqi National Oil Police was established at the time of its establishment and in 1986 the former regime froze its work and annexed to the Ministry of Oil and today we submitted a draft to move towards re-establishment."
It is worth mentioning that the Iraqi Oil Company was established in 1961, where Iraq was issued in Law 80, under which Iraq issued 95% of the Iraqi Oil Company and announced the formation of the Iraqi National Oil Company in 1964.
In April of 1987, Oil Minister Essam Chalabi merged the company with the Ministry of Oil, which became the direct operator in the industry as well as its organizer.
On the operational level, the company was divided into groups of regional companies, including the North Oil Company, based in Kirkuk, and the Southern Oil Company, based in Basra and Central Oil.
The Cabinet voted during its meeting on March 14 on the draft law of the Iraqi National Oil Company and forwarded to the House of Representatives.
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