This is the objective of the National Oil Company
23.03.2017
at 12:02 (Baghdad time)
Baghdad balances News
A spokesman for the Oil Ministry, Assem Jihad said Thursday that the ministry's follow modern mechanisms to develop and invest in oil wealth and to start to go to establish a national oil company is an example.
Jihad said in an interview / balance News /, that the ministry has prepared a project to establish the National Oil Company Law as well as drafts of two gas and liquidation of these companies managed by the Board of Directors and enjoys administrative and financial autonomy and the advantage of flexibility."
Jihad said that the aim of establishing the National Oil Company is the investment optimization of oil wealth and expand its business and projects within the country and abroad for financial revenue by using modern techniques and standards mechanisms and very sophisticated
He noted that the company will be more like the international advanced international companies and an arm to develop national oil industry, according to the latest methods and techniques used globally without being the oil ministry intervention affairs except for the planning and supervision
Turning that national companies often enjoy the new global reputation according Matstkhaddmh possibilities in addition to the flexibility possessed by companies so as to be free from large restrictions in the absence of not integrated into the Ministry of Oil
He
pointed out that "the Iraqi National Oil Police were ancient when established in 1986 by the former regime to freeze its work and annexed to the Ministry of Oil and today we presented a draft of the trend towards re-established
It is worth mentioning that the establishment of the Iraqi oil company in 1961, where he was released in Iraq Law 80 under which Iraq issued 95% of the oil company of Iraq and announced the formation of the Iraqi National Oil Company in 1964.
In April 1987, the integration of Oil Minister Issam Chalabi, the company with the Oil Ministry, which became the direct operator in the industry as well as its regulator.
Either at the operational level, the company has been divided into groups of regional companies, including the North Oil Company, based in Kirkuk, and the South Oil Company, based in Basra, an oil center.
The cabinet voted during its meeting in this March 14 on a draft law of the Iraqi National Oil Company and to allocate it to the Council Alnwab.athy
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