Parliamentary power welcomes the draft national oil company
2016/06/04 (00:23 pm) - hits: 254 - (3565)

 Baghdad Ibrahim Ibrahim Noor Ali

Oil and Energy Committee, on Wednesday, the national oil company would be a qualitative leap in the evolution of energy over a short period of time. Stating that it will be a holding company and owner of income producing and exporting natural resources, an oil expert pointed out that the national oil company would develop national investment to the energy sector.

Oil Minister Adel Abdul Mahdi, on Saturday, called to revive a national oil company again, stressed that the company of the people and that every citizen shares its indestructible inheritance.

He said oil and Energy Committee Chairman Representative Ibrahim Bahr Al-Ulum, told "the range", that "the idea of founding a national oil company raised since 2004, but has been delayed since the Government of Iyad Allawi because of differences over the new oil company" reference.
"The main idea presented by the Parliamentary Committee on oil is based on the possibility of ownership of oil and gas wealth to the people, and the day if the creation of this company and this paradigm shift within the legal framework, which provides for a fair proportion of people for all its citizens."
Ulum said that "the process of establishing a national oil company, owner of the wealth and income of the holding producing and exporting natural resources not only in the drafting of the Bill retains two pillars and maintains administrative and financial autonomy and moral, will be essential to develop the wealths of oil and gas in Iraq". He continued by saying that "holding oil company as most of OPEC is a major 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 to develop Iraqi cadres and give them full powers to develop oil and gas projects.

The "national oil company would be the largest operational arm for extractive companies operating in Iraq and attending oil marketing company also becomes exporter company and produced and marketed at the same time."

"The absence of obstacles stand in the way of establishing an oil company so that all parliamentary blocs agreed to pass the smooth law, which stipulated in article 111 of the Constitution regarded oil and gas is the property of the Iraqi people."
Uloum predicted that "If there is a serious will for Ministry of oil for the translation of the law on the ground that the national oil company will see light at the end of this year."
For his part, said oil Ministry spokesman Assem Jihad said in an interview for "range" to "oil Ministry conducted long and serious discussions with various oil experts and economists to articulate the idea of creating a national oil company".

"The evolution of national energy and especially the oil sector the competent Federal Ministry of oil pushed to revive the national oil company, as exist in most OPEC countries."
Jihad said that "oil company holding the Department of energy in Iraq would shift quality in dealing with all other companies such as SOC, NOC, oil Center and other national companies as well as to focus its work on the development of the fields and work on increasing the Pathfinder production."

The "the oil Ministry is keen to engage the Iraqi energy sector through the establishment of an oil company contribution individuals can buy the shares directly to be volumes of people."
The oil expert, said Hamza al-jawahiri, in an interview for "the range", "revival of the national oil company represents a quantum leap in national energy and portfolio management, oil and gas sectors."

"The development of the oil sector in recent years has necessitated the establishment of a University for multi national companies to ensure the development of exploratory and developmental side for all fields produced in the country."
The jeweller said that "work in the field of petroleum energy is very complex and requires a substantial and solid institutions working on Administrative and operational environment fast and efficient to keep pace with global developments.

The ' developed nations including OPEC States have major national companies for driving energy was established several years ago, Iraq one of the first countries in establishing a national oil company but the previous system that was abolished in the 1970s improvisatory decision lacks with plans.

It should be noted that the national oil company was established in the 1960s and is a company specialized in the development of oil fields and oil production, before being abolished in the early 1980s himself.

Oil Minister Adel Abdul Mahdi, on Tuesday (26 January 2016), high global oil prices to 50 dollars a barrel in the second half of the year 2016, warned of "a coup in the global oil market and violent and sudden rise" If the substantial drop in crude prices and stop investing in many regions of the world.
Referred to as the global oil prices registered a continuous decline since the second half of 2014, reaching $ 28 a barrel, but to rise slightly with on Tuesday, (26 January 2016) 30.78 dollars a barrel.

Iraq reportedly suffers from weak financial income due to falling oil prices and increased expenses, which came military side over her head, making the Government resort to austerity as one of the solutions adopted to meet the country's economic situation.


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