Cabinet approves establishment of Dhi Qar Oil Company

BAGHDAD / Obelisk: Prime Minister's Office announced Haider al-Abadi, Tuesday, the cabinet agreed to change the name of the Southern Oil Company, noting that the Council also approved the establishment of an oil company Dhi Qar. Office said in a statement published by the local media and I followed 'Obelisk', that 'the Council of Ministers has agreed to change the name of the Southern Oil Company in Basra Oil Company'. The ONS 'He said the Council also agreed to the establishment of an oil company Dhi Qar'. And issued the Basra Governorate Council (April 21, 2014) a decision to change the name of the South Oil Company, which is headquartered in the province to be the Basra oil company, and on the back of the founding of Maysan Oil Company, and the presence of efforts to establish the Dhi Qar oil company, said at the time a member of the provincial council, Sheikh Ahmed The Sulaiti 'decision was taken in accordance with Article 112 of the Constitution that make local governments partners of the Federal Government in the development and management of oil fields'.

He added that 'the current name of the company involves an attempt to Atvav on the subject, where it holds a name makes them concerned with the oil sector in more than one province, but in fact belong to Basra, so we decided to call it Basra Oil Company to be subject to local government in the province. "

The South Oil Company, the largest public company in Iraq, where at least 20 thousand employees are distributed to tens of oil fields and administrative facilities it operates, the company was founded in 1969, and reached the top of prosperity during the seventies when production reached 2.00075 million bpd, but that many of the facilities and warehouses exposed to destruction during the Iran-Iraq war (1980-1988), while leading the second Gulf War, which broke out in 1991 to destroy more of the company's facilities, and in 2003 suffered their location to looting and sabotage damaged 85% of them, so that the company's production of crude oil did not exceed during the second half of 2003, 150 thousand barrels per day, but the company re-advancement again, and managed within the past ten years of gradually recovery.