Parliamentary Energy welcomes the draft establishment of a national oil company

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Parliamentary Energy welcomes the draft establishment of a national oil company

02/04/2016 12:01:00 am

The Commission on oil and energy parliamentary, on Wednesday, said the establishment of the national oil company would be a quantum leap in the evolution of the energy profile in a short period of time. Pointing out that it will be a holding company and owner of the natural resources revenue-producing and exporting, while oil expert pointed out that the establishment of a national oil company would national investment for the energy sector development.
The oil minister, Adel Abdul-Mahdi called, last Saturday, to revive the national oil company of the new, while stressing the need for the company to be of the people and to be every citizen shares the N inheritable.
The Chairman of the Commission on oil and energy parliamentary Ibrahim Bahr al-Ulum, in an interview for the "long", that "the idea of ​​establishing a national oil company, introduced since 2004, but was delayed since the government of Iyad Allawi, because of differences over the new reference oil company."
"The main idea put forward by the Commission on oil parliamentary based on the possibility of ownership of oil and gas wealth to the people, and today in the case of the founding of this company and this paradigm shift and within the legal framework, which provides for the people of the proportion of fair participation of all its citizens."
He said Bahr al-Ulum that "the establishment of a national oil company to be the owner of wealth and the holding of revenue for natural resources producing and exporting process will not take place unless the formulation of the law retains these two pillars and maintains administrative, financial and moral autonomy, and will be the cornerstone in the development of oil and gas Altherutin in Iraq." He continued by saying that "the establishment of a holding oil company, as in most OPEC countries is considered a great boost to the development of national investment, and there are many fields still need to develop and rehabilitate will be under the leadership of this company is working to develop Iraqi cadres and give them full authority to develop oil and gas multiple projects."
He went on saying that "the national oil company, will be the executive arm of the largest extractive companies operating in Iraq and joined by the oil marketing company has also become a firm exporter and producer and marketer at the same time."
And the "absence of obstacles stand in the way of the establishment of the oil company since all parliamentary blocs agreed to pass the law in a smooth, which is stipulated in Article 111 of the Constitution, which considered the oil and gas is the property of the Iraqi people."
He predicted Bahr al-Ulum that "if there was a serious will for the oil ministry to translate the law on the ground, the establishment of the national oil company will see the light end of the year."
For his part, a spokesman for the Oil Ministry, Assem Jihad, said in an interview for the "long" that "the oil ministry conducted for a long period of serious discussions with various petroleum and economic experts to develop the idea of ​​creating a major national oil company."
He added that "progress in the area of ​​national energy, especially oil sector pay and the Federal Ministry of Oil competent to revive the national oil company, according to what exists in most OPEC countries."
Jihad said that "the establishment of a holding oil company holds the EIA file in Iraq would make a quantum leap in the way of dealing with all the other companies, such as SOC and NOC and the oil center and other national companies the company in addition to focusing its work on the development of the discovered fields and work to increase production other ".
He said "The oil ministry is keen to involve the Iraqi citizen in the energy sector through the establishment of joint stock oil company, individuals can buy the stock directly to be the property of the people."
In turn, said oil expert Hamza Jeweler, in an interview for the "long", that "revive the national oil company, represents a quantum leap in the management of national energy file, which is the oil and gas sectors."
"The development witnessed by the oil sector in recent years necessitated the establishment of the company to be the University of branches of multi-national companies to ensure the development of exploratory and developmental side of all the producing fields in the country."
He explained that the Jeweler "work in the field of oil energy is very complex and needs to be large and solid institutions working to create the atmosphere of administrative and executive fast and efficient to keep pace with global developments."
He said the "advanced countries, including the Organization of Petroleum Exporting countries have a major national companies to lead the energy file was founded several years ago, and Iraq of the first countries in the establishment of a national oil company, but the former regime canceled that company in the seventies of the last century impulsive decision lacks proper planning."
It is worth mentioning that it has been established national oil company in the sixties of the last century and is a competent company to develop oil fields and oil production, before being abolished in the early eighties of the same century.
The oil minister Adel Abdul Mahdi predicted, on Tuesday, the (26 January 2016), high world oil prices to $ 50 per barrel in the second half of the year 2016, as warned of a "coup in the world's oil and rising violent and sudden market" if big drop in crude prices continued to stop investing in many regions of the world.
It is noteworthy that the global oil prices, recorded a continuous decline since the second half of the year 2014, until it reached $ 28 per barrel, but returned to rise slightly as reported, on Tuesday, the (RIA 262,016), to $ 30.78 a barrel.
It is noteworthy that Iraq complain of weak financial revenues due to declining oil prices and increased expenses, which the military side came on her head, what made the government resort to austerity as one of the solutions adopted to meet the country's economic situation started.

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